MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI China Daily Summary: Monday, July 22

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

CBRT Data Watch

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

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China Bonds Showing Signs Of Stress

ASIA RATES
  • INDIA: Yields mostly lower in early trade, short end moving higher ahead of the bill auction later today. Bonds could come under pressure as higher oil continues to fuel inflation worries. The IMF cut its estimate for Indian economic growth to 9.5% from 12.5% citing severe second COVID wave during March-May and expected slow recovery in confidence from that setback. Elsewhere junior Finance Minister Chaudhary said that government revenue collections were up INR 1.29tn from a year earlier at INR 2.46tn.
  • SOUTH KOREA: Data earlier showed consumer sentiment dropped in July over a recent spike in COVID-19 infections, marking the first decline since December last year. Meanwhile after hovering around 1,300 earlier this week coronavirus cases hit a fresh record high of 1,896 in the past 24 hours
  • CHINA: The PBOC matched maturities with injections today; repo rates have fallen from yesterday's intraday highs. The overnight repo rate is down 11bps at 2.0878%, the 7-day repo rate still showing some tentative signs of stress at 2.2bps on the day at 2.3722% and above the PBOC's 2.20% rate. Elsewhere futures are lower, holding yesterday's late decline. Chinese stocks trade without a decisive direction, swinging from gains to loses and back again amid fragile sentiment following the recent sell off and fears over further Chinese regulation. Speculation remains that foreign funds are selling off Chinese assets with unverified rumours that the US may restrict investments in China and Hong Kong.
  • INDONESIA: Yields mostly lower. Indonesia's Investment Ministry said Tuesday that direct investment grew 10% Y/Y in the first half of 2021, but the resurgence of Covid-19 and resultant mobility restrictions are expected to negatively affect investment realisation in Q3. Tuesday was Indonesia's deadliest day on the Covid-19 front, as 2,069 patients passed away. Meanwhile, five out of six provinces in Java reported improvement in Covid-19 situation, with Central Java being the outlier.
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