MNI China Daily Summary: Friday, July 12

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

MNI BRIEF: China Steel Export Growth Slows In June

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

Retail Sales / Services Turnover Publications Postponed Indefinitely

CHINA H1 NEW LOANS CNY13.27 TRLN VS JAN-MAY CNY11.14 TRLN

Inflation Momentum Ticks Up Despite Lower-than-expected Print

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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Consultation Minutes (1/3)

GILTS

The DMO has released the Minutes of its consultation with GEMMs and investors. Highlights are below.

Syndications:

  • Linker (1st half of July): GEMMs preferred a reopening of the 2045, there were some calls for the launch of a new 30-year linker or a reopening of the 2051 linker. Investors who expressed preferences on the maturity supported the 2045 but some preferred postponing the transaction to September or later in the fiscal year.
  • Long (1st half of September): Investors preferred a reopening of the 4.00% Oct-63 gilt while GEMMs favoured either a new 2043 gilt, the 4.00% Oct-63 gilt or the 1.125% Oct-73 gilt. Both investors and GEMMs noted that they preferred to wait until closer to the syndication date to see market conditions and demand nearer to the time.
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