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$8B Debt Issuance to Price, $3B Egypt 3Pt Leads


Sharp Retracement

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The People's Bank of China is expected to renew CNY500 out of the total CNY600 billion MLF maturing on Wednesday while keeping the rate at 2.95%, the Securities Times reported citing analyst Wang Yifeng of Everbright Securities. While there may be a shortage in monetary supply created by banks' need to submit required reserves as well as more government bond issuances in the last 10 days of the month, greater fiscal disbursement CNY300 billion refinancing to SMEs may help replenish basic currency, the newspaper said. China's recent loosening measures may take effect in September, with small recoveries in credit lending, aggregate financing and M2, said the newspaper.