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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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EGB-Led Bear Flattening Ahead Of Light Docket

US TSYS
  • Cash Tsys sit cheaper on the day but are within both session and yesterday’s ranges, lead by 3s for a modest bear flattening with 2s10s of -82.5bps back at lows since Mar 10 in the early days of regional banking woes. Broader impetus appears derived from EGBs, with front end pressure coming earlier in the session but then further supported by ECB’s Knot not being convinced that current tightening is sufficient.
  • Ahead sees a light docket and further bill issuance, with potential spillover from the tight BoC decision.
  • 2YY +3.2bp at 4.510%, 5YY +3.2bp at 3.839%, 10YY +2.3bp at 3.683% and 30YY +1.1bp at 3.855%.
  • TYU3 trades just 2+ ticks higher at 113-27+ on subdued volumes of 200k. It sees a bearish outlook, with support eyed at 113-10 (Jun 5 low) whilst resistance is seen at 114-19 (20-day EMA).
  • Data: Weekly MBA mortgage data (0700ET), Trade balance Apr incl historical revisions (0830ET) and Consumer credit Apr (1500ET).
  • Bill issuance: US Tsy $46B 17W bill auction (1130ET)
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