MNI: PBOC Net Drains CNY51.03 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1364 Tues; -1.28% Y/Y

CHINA PBOC CONDUCTS CNY216.27 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1364 TUES VS 7.1316

MNI China Daily Summary: Monday, July 29

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

Australia Jun Total Dwelling Approved -6.5%

MNI: AUSTRALIA MAY BUILDING APPROVALS -6.5% M/M, -3.7% Y/Y

MNI: AUSTRALIA JUN DWELLING APPROVALS -6.5% M/M

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

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Memorial Day Mobility Fuels Demand Dropped

OIL PRODUCTS

Global demand growth for mobility fuels declined by 160kbpd to 1.5mbpd on the year for the week Memorial Day weekend ending 27 May according to a JP Morgan note.

  • •Demand growth was mostly driven by Asia, accounting for 71%, or 1.1mbpd.
  • •US gasoline demand rose 300kbpd year on year to 9.1mbpd over the Memorial Day weekend. Road diesel demand grew by 36kbpd on the year led entirely by Chinese trucking activity that is tracking 6% above 2022 levels while ex-China demand was unchanged.
  • •Global jet fuel demand growth accelerated to 1.2mbpd year on year. Chinese international flights reached 60% of 2019 levels, above the expectation of 40% by 2Q23. Domestic flights averaged 104% of 2019 levels.
  • •US flights dropped unexpectedly during the week of the Memorial Day weekend to an eight-week low of 89% of pre-pandemic volumes, European flights reached their highest levels in 2023 at 95%.
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