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

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RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Knock-On Rates Sales Started With EGBs

US TSYS SUMMARY
Tsys reversed early strength along with equities Monday, both finishing near session lows. Early duration selling pushed Tsys back to early Thursday levels, knock-on pressure as EGBs hit after dealer recommendations ahead Thursday's policy announcement (Bank of Canada rate annc Wednesday includes Monetary Policy Report).
  • No significant data Monday through Wednesday after the Fed entered media blackout regarding monetary policy through Apr-29 late Friday, Bill auctions and NY Fed Buy-backs on tap.
  • While risk metrics remain (US/Russia tensions tied to Ukraine border troop build not to mention calls for mass protests over Kremlin opposition leader Navalny's health while incarcerated, debate over restarting J&J vaccine), Monday's move deemed more short term tactical selling than headline driven at the moment as 30YY climbs to 2.3002% high, 2.2902% last.
  • Deal-tied selling in the mix as Morgan Stanley issued $7.5B debt over 3 tranches, total swappable supply for week estimated over $30B.
  • The 2-Yr yield is down 0.2bps at 0.1592%, 5-Yr is down 0.2bps at 0.8292%, 10-Yr is up 1.8bps at 1.5976%, and 30-Yr is up 2.5bps at 2.2902%.
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