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MNI China Daily Summary: Monday, May 29
MNI: PBOC Net Injects CNY23 Bln Via OMOs Monday
MNI: PBOC Yuan Parity Lower At 7.0575 Monday; -4.91% Y/Y
Columbus Day Calm
Fiscal impasse on the Hill has provided a light bid to Tsys early this week, with some weekend focus on North Korea unveiling its newest ICBM and the aforementioned CNY matters also noted. Still, macro headline flow was lacking during the first Asia-Pac session of the week, allowing T-Notes to settle into the 0-03 range established early in the Asia-Pac morning. Contract last +0-01+ at 138-28 on meagre volume < 25K, with the cash market closed owing to the Columbus Day holiday, which of course limits broader activity. It is a case of watching the yuan after the weekend news flow, at least in Asia-Pac hours.
- This comes after Friday's session was dominated by fiscal headlines, with continued disagreement between the GOP & Pelosi apparent over the weekend, even after Friday saw U.S. President Trump note that he'd like to see a bigger package than either side is presenting… make of that what you will. A reminder that Senate Majority Leader McConnell has suggested that is unlikely that there will be a fiscal deal this side of the election, meaning much of the recent rhetoric is all about framing the negotiations ahead of the November election.
- As we stand, the Trump admin has called on Congress to pass a pared-down relief bill using the remaining funds from an expired small business loan program, while suggesting that negotiations surrounding the larger package should continue.
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