MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Contained Ranges

JGBS

JGB futures edged above 152.00 during Tokyo trade, last +8, building on overnight gains but holding to a tight range, with cash JGBs generally trading richer and within 1.0bp of Monday's closing levels. The latest round of 2-Year JGB issuance wasn't the best received, with cover ratio sliding below 4.0x.

  • After hours on Monday Nippon Life noted that it aims to boost its JGB holdings by ~Y500bn in H220 (mainly via 20- and 30-year bonds), in addition to boosting its domestic and offshore corporate bond holdings by the same cumulative amount.
  • Also worth noting that Japan's Hokkaido prefecture is making arrangements to raise its coronavirus alert level by one notch from the lowest of 5 stages as local infections rise, per NHK sources.
  • There is nothing of any real note on the local docket on Wednesday, outside of the BoJ's 2-day monetary policy meeting getting underway.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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