MNI: PBOC Net Drains CNY349.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1124 Fri; +2.56% Y/Y

CHINA PBOC CONDUCTS CNY30.1 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI BRIEF: PBOC Bought Net CNY100 Billion CGBs In August

MNI BRIEF: China's Outstanding Mortgage Loans Fall Further

CHINA SETS YUAN CENTRAL PARITY AT 7.1124 FRI VS 7.1299

MNI: EUROZONE JUL UNEMPLOYMENT RATE 6.4%

MNI: EUROZONE AUG FLASH HICP +2.2% Y/Y

MNI: UK BOE JUL MORTGAGE APPROVALS 61,985

UK: Week Ahead

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GoCs Sell-Off Trimmed

CANADA
  • GoCs broadly track Tsys as the earlier sell-off is broadly unwound, with front-end yields now 1.5bps higher and the longer-end 2-3bps higher.
  • Rates have seen similar moves in early trade, e.g. 1.5-2bp increases in BAX implied yields to mid-2023, waiting on drivers as they broadly stabilise after large moves last week.
  • As it is, the BAX curve points to yields peaking in Dec’22/Mar’23 contracts with only minimal inversion thereafter. Growing recession fears could drive further inversion, but with no local data today, cues could instead be taken from upcoming second tier US releases, including consumer confidence and the Richmond Fed manufacturing activity indicator.
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