MNI China Daily Summary: Wednesday, March 13

MNI BRIEF: China Macro Policy To Strengthen Investment Focus

MNI: PBOC Drains Net CNY7 Bln Via OMO Weds; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.0930 Weds; -3.82% Y/Y

CHINA PBOC INJECTS CNY3 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.0930 WEDS VS 7.0963

Q4 Consumer Debt Costs At Record High

MNI: US MBA: MARKET COMPOSITE +7.1% SA THRU MAR 08 WK

US MBA: REFIS +12% SA; PURCH INDEX +5% SA THRU MARCH 8 WK

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

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German Will Tap The 0% Aug-50 Bund For E1bn on Wednesday

GERMAN AUCTION PREVIEW

Germany will come to market on Wednesday to tap the 0% Aug-50 bund for E1bn.

  • BACKGROUND: At the last auction of the 0% Aug-50 bund on 14 October, E0.90bn was allotted at an average yield of -0.16%, Buba cover of 2.38x and bid-to-cover of 2.13x.
  • RV/HISTORY: Bunds sold off sharply this week and the curve bear steepened on the back of news that Pfizer has developed an effective Covid vaccine. The 0% Aug-50 bund trades at a yield of -0.035%, off a November low of -0.231% and 16bp inside the comparable EUR swap. There are no tier one data releases that could serve as a potential catalyst for price action ahead of the Wednesday auction.
  • TIMING: Results are due out shortly after the auction close at 1030 London.
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