MNI China Daily Summary: Monday, July 22

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India To Meet Vaccine Supply Target

INDIA

Bonds are expected to fall today amid general risk on sentiment in the region, with higher oil prices also likely to pressure. Markets will look out for an announcement from the RBI about bond purchases next week, with hopes that more illiquid issues will be eligible again.

  • Risk on sentiment should also be supported by lower case numbers in India. There were 43,654 cases yesterday, down from a peak of over 400k in May. Health officials said late yesterday India will meet its target of supplying more than half a billion COVID-19 vaccine doses to states by the end of this month, but added that not all doses may be administered by then. India has administered nearly 438 million doses since mid-January, the most in the world after China but less than many countries relative to population.
  • The rupee is likely to be a beneficiary of benign risk conditions, 1-month NDF's are last trading at 74.62, down 0.6% on the session.
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