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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Modest Flattening In GoCs

CANADA
  • GoCs reverse the cheaper open, leaving them with only a small twist flattening with 2YY +0.2bps and 10YY -1.4bps, broadly supported by RBC’s forecast for only a moderate recession in 2023.
  • After large swings this week tied to US recession fears, front end yields are back within last week’s range, but long end yields remain more depressed with growth expectations softer on net.
  • It’s driven a further flattening with 2s5s inverted for the first time since Mar’20 (-7bps) and 2s10s hovering just about positive (+5bps), contrary to US 2s10s of -6bps.
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