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

EZ/UK T-Bill Calendar: Belgium Nov 7, 2024 Short TC Due Tuesday

EZ/UK Bond Supply Calendar: Italy, UK Auction on Tuesday

BoE Data Watch

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

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Daly On Work Far From Done

FED
  • Daly (’24 voters): “Our work is far from done, so we are still resolute and completely united on achieving price stability”
  • Data dependency: “We have a couple more inflation releases before the next FOMC meeting. We have a couple more labor market reports including one this Friday, and I really am looking to seeing what those data tell us about whether we can downshift a little bit the pace of rate hikes or if we need to continue.”
  • *DALY: MAY SEE MODEST INCREASE IN JOBLESS RATE, NOT LARGE ONE… STILL POSSIBLE EVERYONE THAT WANTS A JOB CAN GET ONE – bbg
  • *DALY: I DON'T SEE A LABOR MARKET THAT'S IN A RECESSION – bbg
  • The comments hit as Fed hike expectations had already firmed with the US open and also with continued Taiwan developments so it’s hard to pick out the impact. That said, Sep pricing has dipped slightly from session highs to still sit at 58.5bps for a 3.5bps increase from earlier in the session, and now with a cumulative 101bps of hikes over the three meetings left this year.
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