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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Crude Softer as Time Spreads Remain Strong

OIL

Crude markets are slightly softer on the day as reduced optimism for a recovery in Chinese oil demand is balanced against the weakness in the US dollar. China’s National Health Commission confirmed the zero-Covid policy will remain in place easing speculation that China could reduce some restrictions.

  • Crude time spreads are holding steady at high levels on market concern for tight global supplies.
    • Brent JAN 23 down -0.2% at 98.35$/bbl
    • WTI DEC 22 down -0.2% at 92.44$/bbl
    • WTI-Brent up 0.21$/bbl at -7.06$/bbl
    • Brent JAN 23-FEB 23 down -0.07$/bbl at 1.6$/bbl
    • Brent JUN 23-DEC 23 up 0.06$/bbl at 4.86$/bbl
    • Brent DEC 23-DEC 24 down -0.04$/bbl at 6.27$/bbl
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