MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1043 Mon; -4.74% Y/Y

MNI BRIEF: China’s April Loan Prime Rate Unchanged

CHINA SETS YUAN CENTRAL PARITY AT 7.1043 MON VS 7.1046

MNI China Daily Summary: Friday, April 19

MNI: BAKER HUGHES US RIG COUNT 619; OIL RIGS 511; GAS RIGS 106

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Moving in line with the German curve

GILTS
  • The gilt curve is moving in line with the German curve today - and outperforming Treasuries.
  • 2-year yields are now down almost 40bp since their prevailing levels ahead of last Thursday's BOE meeting with 5-year yields down around 35bp, 10-year yields 23bp and 30-year yields 12bp lower. As can be seen from these numbers, there have been a steepening of the curve through the past week too.
  • UK GDP was disappointing this morning, with every component weaker than expected (with trade the biggest downward contributor to the surprise).
  • BOE's Ramsden made some relatively hawkish comments earlier stating that he thought that Bank Rate would still need to be raised further and that he thought there were upside risks to the BOE's inflation forecasts. However, he was already considered one of the more hawkish members of the MPC having voted for a 50bp hike in February.
  • There has also been continued rhetoric surrounding the NI Protocol - but as yet that is not having any notable market impact.
  • 2y yields down -7.6bp today at 1.196%; 5y yields down -9.9bp at 1.345%; 10y yields down -11.8bp at 1.706%; 30y yields down -11.8bp at 1.945%.
  • 2s10s down -4.3bp today at 50.9bp; 10s30s unch today at 23.9bp
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