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

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

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US TSYS SUMMARY

Yield curves continued to flatten Wed, 5s30s appr 12.0bp flatter from Tue's high around 124.06, as long end continued to march higher (30YY -.0443 at 1.3756%).

  • Post-Data Chop: Tsys extended gains post-ADP, long end lead charge higher after ADP missed exp (428k vs. 1.0M est). Bout of selling on initial move, 30Y bond scaled back highs briefly. Rates surged midmorning as NDX erased gains on rotation out of tech names into financials. OTC weakness temporary, equities to new highs (emini's 3577.0)as Tsys traded sideways near highs for the last five hours.
  • Fed Beige Book about as expected: U.S. economic recovery was modest in August with activity well below pre-pandemic levels, the virus lingering in some regions and fiscal stimulus running out.
  • Large Tsy futures Block package at 1049ET: -5,666 TYZ 139-16, sell through 139-16.5 post-time bid; -9,987 FVZ 126-01.75, sell through 126-02 post-time bid; +2,570 WNZ 222-30, buy through 222-28 post-time offer
  • The 2-Yr yield is up 0.4bps at 0.1348%, 5-Yr is up 0.3bps at 0.2563%, 10-Yr is down 1.8bps at 0.651%, and 30-Yr is down 4.3bps at 1.3769%.
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