MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

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

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Futures Holding Overnight's Uptick, Local Calendar Light

JGBS

JGB futures are holding at overnight closing levels, +8 compared to settlement levels, after cash US tsys open marginally stronger in Asia-Pac trade. With the Asian calendar light today, local participants are likely to be on headline watch.

  • Money data showed M2 and M3 virtually unchanged in April in y/y terms, printing respectively +2.5% and 2.1%.
  • Cash JGBs are richer across the curve apart from the 1-year zone with is 0.9bp cheaper. The cash curve has opened flatter with yields 0.2bp to 2.4bp lower with the benchmark 10-year yield 1.1bp lower at 0.387%, well below the BoJ's YCC limit of 0.50%. The benchmark 30-year yield is 2.1bp lower at 1.211%, after yesterday’s 5bp decline following the strong auction result.
  • The BoJ will conduct bond purchase operations covering 1–3-year, 5-10-year, 10-25-year, and 25-year+ tenors today.
  • Swap rates are lower across the curve with swap spreads wider except for the 1-year zone.
  • The MoF will also auction Y6.3tn of 3-month bank bill supply.
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