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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Futures Rebound On Spill Over From US Moves

JGBS

Futures sit above earlier session lows, last 148.13, -.13. The earlier dip to 147.99 was supported, with positive spill over from the US tsy space aiding the rebound. TYU3 sits back at 112-30, up from late NY session lows of 112-20.

  • As a result, Japan cash tsy yields sit slightly below earlier session highs. The 10yr back closer to 0.43%, while yields are slightly lower in the 20-40y space.
  • Again, it is a similar story in the swap space, the 10yr back to 0.59%, versus earlier highs above 0.60%.
  • Local news flow remains limited. Reuters reported that PM Kishida may dissolve the lower house if the opposition submits a no-confidence motion this Friday.
  • Goldman's also raised its inflation projections for Japan (see this link for more details). The bank expects inflation (ex fresh food) to average 2.8% through to Mar next year, well above the BoJ's 1.8% projection made in April.
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