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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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CPI Firms Up 25bp Hike Next Week But Limited Reaction Beyond That

CANADA
  • OIS pricing for the Jan 25 BoC decision increases from 21bp to 23/24bp and BAX yields currently sit up to 4bps higher through 2023 but smaller moves further along the curve held explain the limited moves in GoCs.
  • 2Y yields have already unwound some of the post-release increase, now +1.5bp since the data for unchanged on the day after rallying almost 9bp yesterday with the BoC surveys landing in the middle of the session.
  • USDCAD meanwhile tests overnight lows, currently 1.3395. The pair sees a technical short-term bearish theme with support at 1.3322 (Jan 13 low) but has struggled to make any ground despite stronger than expected core inflation.
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