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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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DOLLAR-WON: USDKRW opened significantly lower than...>

CANADA DATA REACT, DOLLAR-WON
DOLLAR-WON: USDKRW opened significantly lower than yesterday's close, at
1,065.2, but has since risen to 1,068.9. The won's strength has come in spite of
a further deterioration in interest rate spreads with the U.S. dollar.
- The 2-year yield spread is now 46bps in the U.S.' favour. The real yield
spread (taking into account lower inflation expectations in Korea) remains 77bps
in Korea's favour, but this is at a record low going back to 2008, pressured by
rising Korean inflation expectations.
- Taking into account Korean default risk (the 5-year CDS is currently 43bps)
the risk-adjusted real yield spread is the lowest it has been since 2011 and
suggests USDKRW should be significantly higher at around 1,150.
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