MNI: PBOC Net Drains CNY224.73 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Lower At 7.1323 Thurs; -0.83% Y/Y

CHINA PBOC CONDUCTS CNY10.37 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1323 THURS VS 7.1346

MNI: BRAZIL CENTRAL BANK HOLDS SELIC RATE AT 10.50%

MNI China Daily Summary: Wednesday, July 31

MNI:AUSTRALIA JUN TRADE BALANCE A$+5589

July Export Growth Below Expectations, But Still Improvement On June

EZ/UK Bond Supply Calendar: Spain, France Auction on Thursday

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

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Little Changed, Q1 Capex & 2023-24 Plans Beat, Debt Ceiling Bill Passes House

AUSSIE BONDS

ACGBs are little changed (YM flat & XM +0.5) after Q1 Capex printed higher than expected at +2.4% q/q versus expectations of +1.0%. Plant and equipment investment capex rose by 3.7% q/q, while buildings and structures increased by 1.2% q/q. The 2nd estimate of 2023-24 investment plans printed at A$137bn versus an estimate of A$136bn.

  • Elsewhere, the US House of Representatives has voted to lift the US debt ceiling by 314-117. The bill now goes to the Democrat-led Senate and President Biden has urged it to pass the agreement as soon as possible. In terms of the Senate, Bloomberg is reporting that several senators have said that they won’t allow the legislation to pass quickly.
  • US tsys have softened after the announcement with the early Asia-Pac session richening of 1-3bp turning into a 1-2bp cheapening.
  • Cash ACGBs are 1bp richer on the day with the AU-US 10-year yield differential -2bp at -6bp.
  • Swap rates are flat on the day with EFPs 1-2bp wider.
  • The bills strip sees pricing -2 to +2.
  • RBA dated OIS is little changed across meetings.
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