MNI China Press Digest July 15: Consumption, Exports, FDI

MNI: PBOC Conducts CNY100 Bln Via 1Y MLF; Rates Unchanged

CHINA PBOC CONDUCTS CNY129 BILLION VIA 7-DAY REVERSE REPOS MON

MNI: PBOC Sets Yuan Parity Lower At 7.1313 Mon; -1.35% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1313 MON VS 7.1315

MNI BRIEF: China June M2 SlowsTo Record Low For Third Month

Q2 GDP Below Expectations, Consumer Side Still Appears Soft

CHINA JUN INDUSTRIAL OUTPUT +5.3% Y/Y VS MEDIAN +5.0% Y/Y: NBS

CHINA Q2 2024 REAL GDP +4.7% Y/Y VS MEDIAN +5.0% Y/Y: NBS

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

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

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Muted Start, Cash Closed Due To MLK Day

US TSYS

TYH3 deals at 114-25, +0-00+, little changed from Friday's late NY levels. Cash Tsys are closed today due to the MLK Day holiday.

  • Cash Tsys were 3-9bp cheaper on Friday, as the curve bear flattened.
  • A bid in core FI saw Tsys firm early in Friday's European session. Early NY trade was two-way, before weakness was observed into the bell.
  • U of Mich data was firmer than expected, as the sentiment metric hit its highest level since Apr 2022. The 1-Year inflation expectations component hit the lowest level since April 2021.
  • Fedspeak from Atlanta Fed President Bostic and Philadelphia Fed President Harker reiterated themes observed in recent communique re: the potential for a step down to a 25bp hiking pace in Feb.
  • There was little reaction to Treasury Sec Yellen's comments on the debt ceiling, as she noted that the U.S. will take extraordinary steps to avert a default.
  • PPI data from Japan and MLF operations from China headline the Asia-Pac session. Participants will have one eye on BOJ speculation and any resultant moves in JGBs.
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