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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GoCs Return To Underperforming Treasuries, Early Close Today

CANADA
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  • GoCs sit 1-3bp higher shortly after the cash open, mildly underperforming Treasuries with 2-10Y Can-US differential rising 0.5-1.5bp.
  • It sees differentials unwind a small part of yesterday’s sizeable decline on US non-oil import prices.
  • The 2Y diff sits at -59.5bps and the 10Y at -81bps, a little below where it ended last week after yesterday unwinding progress to the highest differentials in over a month.
  • BoC-dated OIS has roughly 50/50 odds of a June cut with Tuesday’s CAD CPI one of the last major releases before then.
  • Today sees an early close for CORRA and CGB futures (1330ET) and a recommended early close for cash GoCs (1300ET) ahead of Victoria Day’s full closure on Monday.
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  • GoCs sit 1-3bp higher shortly after the cash open, mildly underperforming Treasuries with 2-10Y Can-US differential rising 0.5-1.5bp.
  • It sees differentials unwind a small part of yesterday’s sizeable decline on US non-oil import prices.
  • The 2Y diff sits at -59.5bps and the 10Y at -81bps, a little below where it ended last week after yesterday unwinding progress to the highest differentials in over a month.
  • BoC-dated OIS has roughly 50/50 odds of a June cut with Tuesday’s CAD CPI one of the last major releases before then.
  • Today sees an early close for CORRA and CGB futures (1330ET) and a recommended early close for cash GoCs (1300ET) ahead of Victoria Day’s full closure on Monday.