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CHINA SETS YUAN CENTRAL PARITY AT 7.1151 FRI VS 7.1122

MNI China Daily Summary: Thursday, June 13

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Curve Flattening

GILT SUMMARY

The gilt curve has flattened today on the back of the shorter end trading a touch weaker and the longer end rallying.

  • The 2s30s spread is 2bp narrower on the day. Last yields: 2-year -0.0333%, 5-year 0.0118%, 10-year 0.3161%, 30-year 0.8829%.
  • The Dec-20 gilt future trades at 135.01, 20 ticks off the day's high.
  • Short sterling futures are broadly 0.5-1.0 ticks higher in whites/reds/greens/blues
  • The DMO earlier sold GBP2.75bn of the 1.25% Jul-27 Gilt and GBP1.25bn of the 1.75% Jul-57 Gilt. A further GBP252.760mn of the former and GBP312.499mn of the latter were taken up through the PAOF.
  • The BoE purchased GBP1.473bn of long-dated gilts with offer-to-cover of 1.93x.
  • UK Boris Johnson's handling of the latest social restrictions has continued to be criticized by his own backbenchers following yeserday's announcement on the tiering rules which will come into force when the national lockdown ends on December 2.
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