MNI China Daily Summary: Monday, November 25

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 22

MNI: PBOC Net Injects CNY76.7 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1918 Mon; -1.35% Y/Y

CHINA PRESS: Yuan To Reach 17% Of Global Payments By 2035

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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GoCs Underperform Tsys After Two Day Holiday Distortion

CANADA
  • USDCAD may have pushed higher after two days of holiday-distorted trade but there’s a disconnect with GoC performance to Tsys, at least in the past few days.
  • GoCs trade 0-2bps cheaper across the curve, underperforming Tsys in all but the very long end, and compared to Friday’s close for a cleaner non-holiday read, see yields 4.5-6bps higher vs 1-2bps for Tsys.
  • However, the 3.5bp tightening in the Can-US 2Y yield spread to -28bps only chips away at Friday’s sizeable widening after monthly GDP and the BoC’s Q2 surveys, from -20bps prior.
  • A quiet CAD docket today sees FI drivers firmly sitting with headlines and the FOMC minutes later in the session.
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