MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Lacking Direction

GILT SUMMARY

Gilts have lacked clear direction today and continue to trade below yesterday's close.

  • Cash yields are flat on the day in the short-end and belly of the curve and 1-2bp higher at the longer end. Last yields: 2-year 0.0786%, 5-year 0.3800%, 10-year 0.8631%, 30-year 1.4154%.
  • The Jun 21 gilt future trades at 127.49, near the middle of the day's range (L: 127.20 /H: 127.70).
  • The DMO earlier sold GBP2.25bn of the 1.25% Oct-41 Gilt and GBP812.495mn of the 0.125% Jan-24 Gilt. A further GBP562.5mn of the 1.25% Oct-41 Gilt was taken up through the PAOF.
  • The BoE purchased GBP1.147bn of long-dated gilts with offer-to-cover of 1.97x.
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