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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Bull Steepening & Outperforming On BoE Pricing

GILTS

Glt outperformance seen vs. global core counterparts on Wednesday.

  • Futures +60 or so, shy of best levels and a little defensive in recent trade, with the outright bid running out of steam before bulls could test initial technical resistance.
  • Cash benchmarks sit 5-8bp richer, bull steepening.
  • BoE-dated OIS moves continue to dominate (explaining the bull steepening on the day) in the wake of yesterday’s BoE speak and today’s DMP survey.
  • BoE-dated OIS runs 1-8bp softer on the day, with ~21bp of tightening showing for this month’s meeting and less than 50bp of cumulative tightening priced before terminal rate levels are met i.e. 2 further 25bp hikes are no longer fully priced.
  • Another by-election/Conservative MP seat at risk is not seen as a meaningful matter for markets to digest given Labour’s lead in broader opinion polls.
  • Markets look through those headlines as a result, focusing on BoE pricing.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBank Of England (BOE) Market NewsBulletMarketsFixed Income Bullets

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