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 China Daily Summary: Tuesday, July 23

Market round-up post PMIs

PMIs indicate solid growth; less cost pressures from wage increases

MNI: UK JUL FLASH MANUFACTURING PMI 51.8 (FCST 51.0); JUN 50.9

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

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Fed Rate Path Off Lows But Still Overwhelmingly Sees First Cut In July

STIR FUTURES
  • Near-term Fed Funds implied rates are holding onto an earlier increase off session lows that fully unwound any further hikes for the cycle to show a mere 3bps of hikes for the May FOMC from an effective 4.83%.
  • A cut in June is seen slightly less than a 50/50 likelihood again with -10bps priced having briefly fully priced a 25bp cut.
  • Increases have continued for meetings further out, with 35bps of cuts for July and 90bps to 3.93% year-end. The latter has seen particularly wide ranges for the week of 3.52-4.49%, the high coming in the hours before the dovish 25bp hike from the FOMC.
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