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 China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Futures Uptick Overnight, US Tsys Finish Modestly Richer

JGBS

In post-Tokyo trade, JGB futures are holding an uptick, closing +1 compared to settlement levels, after US tsys finish modestly richer. Weaker-than-expected Flash PMIs underpinned a short covering rally for US tsys after a heavy April.

  • Stronger than expected new home sales and a bounce in US equities tempered rates support by the close. The US 2-year yield dropped 4bps to 4.93%, while the 10-year finished at 4.60%, 1bp lower.
  • (MNI) Japan’s Dai-ichi Life Insurance company will further increase its holding of yen bonds, mainly 30- and 40-year Japanese government bonds, for this fiscal year, the company’s fund manager said on Tuesday. “We expect interest rates to gradually rise (in Japan) and we would like to see 30-year JGB yield above 2%,” Kouhei Horikawa, general manager of the investment planning department at Dai-ichi Life, told reporters.(See link)
  • Today, the local calendar will see PPI Services data alongside BoJ Rinban Operations covering 3-25-year+ JGBs.
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