MNI China Daily Summary: Monday, July 29

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CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

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Jansson: Decision On QT Not Impacted By Recapitalisation Prospects

RIKSBANK

When asked by MNI this morning on how the Riksbank came to the decision at the February meeting to increase the pace of bond sales to SEK6.5bln/month (from SEK5bln/month prior), Deputy Governor Jansson noted that the prospect of increased SGB issuance to fund the Riksbank’s recapitalisation did not play into the decision.

  • The SEK1.5bln/month increase in QT pace seemed reasonable because that was the acceleration decided in June (when sales were announced to increase from SEK3.5bln/month to SEK5bln/month), Jansson said.
  • While both larger and smaller increases were discussed amongst the Executive Board, these were all within the “neighbourhood” of SEK6.5bln/month.
  • A reminder that in the lead-up to the meeting, analyst expectations amongst the previews MNI had seen ranged between no increase (maintain at SEK5bln/month) to SEK8bln/month.
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