MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

MNI: US JUL PHILADELPHIA FED NONMFG INDEX -19.1

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

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

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

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Firmer-Than-Expected Spanish Inflation Prompts Pay-Side Flows In ECB-Dated OIS

STIR

The firmer-than-expected Spanish flash January inflation print prompts pay-side flows in ECB-dated OIS, with 143bps of rate cuts priced through 2024 (vs 146bps pre-data), while a 25bp cut through the end of the April meeting is now slightly less than fully priced. The Euribor strip is now -4.0 to +0.5 through the blues, pulling further away from early London bests.

  • Lower-than-expected borrowing estimates from the US Treasury and China-centric worry seemed to promote a bid through Asia-Pac hours.
  • The remainder of today's regional docket is heavy, highlighted by Q4 flash GDP figures. The French estimate, released this morning, was in line with expectations at 0.0% Q/Q while the Spanish estimate was firmer than consensus at 0.6% Q/Q

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Mar-243.854-5.32
Apr-243.679-22.8
Jun-243.378-52.9
Jul-243.114-79.3
Sep-242.848-105.9
Oct-242.665-124.3
Dec-242.476-143.1
Jan-252.321-158.6
Source: MNI/Bloomberg
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