MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

Market round-up post PMIs

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

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Early SOFR/Treasury Option Roundup

US TSYS
Carry-over theme from Tuesday: better low delta SOFR put and put spread trade, in line with heavy selling through mid-2024 futures as projected rate cuts through year end ebbs (pricing in slightly higher than 25bp cut by the Dec 13 FOMC). Treasury options centered on upside calls. Salient trade:
  • SOFR Options:
    • 7,000 SFRM3 94.50/94.62/94.75 put flys
    • 3,000 SFRM3 94.81/94.93 call spds, ref 94.7575
    • 2,500 SFRM3 94.62/94.75/94.87/94.93 broken put condors res 94.7575
    • 2,000 OQU3 97.12/97.37/97.62/97.87 call condors ref 96.555
    • Block, 10,000 SFRU3 94.12/94.37 put spds, 1.75 ref 94.95
    • Block, 12,000 2QM3 96.25/96.50 put spds, 3.25 ref 96.92 to -.925
    • 5,000 OQM3 95.25/95.50 put spds, 1.25 ref 96.24
    • 2,000 2QM3 96.37 puts, 2.0 ref 96.91
    • 2,000 OQM3 96.00/2QM3 96.68 put spds
    • 2,500 SFRM3 94.81/94.93/95.06 call flys ref 94.77
  • Treasury Options:
    • 5,000 TYN3 114/115/116 call flys
    • 4,000 TYM3 113.5/114.5 strangles, 21
    • 3,000 TYN3 116/118 call spds 21 ref 114-17.5
    • 2,250 wk2 TY 113/114 put spds
    • 3,600 TYM3 113.75/114 call spds ref 113-23
    • 5,250 FVM3 109.25 calls, 6 ref 108-23.5
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