MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Bonds Recovering

US TSY FUTURES

Long end Tsys have recovered from pre-FOMC minute release lows, moderately higher at the moment, 30YY at 2.3602% after tapping 2.3855%.Quick takeaways:

  • REMOVAL F POLICY ACCOMMODATION IN CURRENT CIRCUMSTANCES DEPENDED ON THE TIMING AND PACE OF BOTH INCREASES IN THE TARGET RANGE OF THE FEDERAL FUNDS RATE AND THE REDUCTION IN THE SIZE OF THE FEDERAL RESERVE'S BALANCE SHEET
  • A NUMBER OF PARTICIPANTS COMMENTED THAT CONDITIONS WOULD LIKELY WARRANT BEGINNING TO REDUCE THE SIZE OF THE BALANCE SHEET SOMETIME LATER THIS YEAR
  • SOME PARTICIPANTS COMMENTED ON THE RISK THAT FINANCIAL CONDITIONS MIGHT TIGHTEN UNDULY IN RESPONSE TO A RAPID REMOVAL OF POLICY ACCOMMODATION
  • PARTICIPANTS AGREED THAT UNCERTAINTY REGARDING THE PATH OF INFLATION WAS ELEVATED AND THAT RISKS TO INFLATION WERE WEIGHTED TO THE UPSIDE

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