MNI China Press Digest July 18: PBOC, Beijing, Arctic Shipping

MNI: PBOC Net Injects CNY47 Bln Via OMO Thurs; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1285 Thurs; -1.29% Y/Y

CHINA PBOC CONDUCTS CNY49 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1285 THU VS 7.1318

MNI BRIEF: China Equip't Renewal Policy Includes Foreign Firms

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Japan Jun Exports +5.4% Y/Y; Imports +3.2% Y/Y

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

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Futures Holding Weaker, Cash Bonds Little Changed

JGBS

In Tokyo morning trade, JGB futures have slightly extended overnight weakness, -9 compared to settlement levels, after the release of PPI Services data for February. PPI Services printed in line with expectations at +2.1% y/y, unchanged from January.

  • (Bloomberg) -- The Japanese government will take appropriate steps against excessive currency moves, without ruling out any measures, says Finance Minister Shunichi Suzuki. (See link)
  • Cash US tsys are dealing slightly richer in today's Asia-Pac session after yesterday's 4-5bps cheapening across benchmarks.
  • Cash JGBs are slightly cheaper, with yields flat to 1bp higher. The benchmark 10-year yield is 0.9bp higher at 0.743% versus the YTD high of 0.801% set on March 15.
  • The swaps curve has twist-steepened, pivoting at the 20s, with rates 2bps lower to 3bps higher. Swap spreads are tighter out to the 10-year and wider beyond.
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