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

Aircraft-Led Durables Collapse Masks Rebound In Core Orders

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

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

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Futures Sit Mid-Range, Thin Local Calendar, US Holiday

JGBS

At the Tokyo lunch break, JBU3 is sitting in the middle of a relatively narrow range at 148.39, +7 compared to the settlement levels.

  • There hasn’t been much in the way of domestic drivers to flag. As such, local participants are likely on headlines and US tsys watch.
  • US tsy futures are trading slightly firmer in Asia-Pac trade. A reminder that cash tsys are closed today due to the observance of a US national holiday.
  • The local calendar is thin with Tokyo Condominiums For Sale later today as the only release.
  • Cash JGBs are flat to 0.8bp richer across the curve with the 10-year benchmark leading. The 10-year yield is at 0.404%, below the BoJ's YCC limit of 0.50%. The 5-year benchmark is 0.1bp lower at 0.080%, ahead of supply later in the week.
  • Swap spreads are generally tighter except for the 20-year zone.
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