MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Post-LIBOR Settle Update

US EURODLR FUTURES

Lead quarterly EDH2 had sold off .030 to 99.3025 an hour prior to the release is trading either side of steady at 99.315 after latest 3M LIBOR set' climbs +0.00971 to 0.49757%, the benchmark up +0.1800 total for the week, nearing Feb 11 high of 0.50643 (May 2020 level).

  • Balance of Whites (EDM2-EDZ2) trading steady to mixed with Jun'22 +0.015 and Dec'22 -0.020. Reds (EDH3-EDZ3) through Golds (EDH6-EDZ6) continue to trade weaker, adding to Tue's rout after Reds fell -0.055-0.100.
  • Market pricing liftoff -- Tuesday's sell-off has rekindled 50bp hike chances at the March 16 FOMC while Reds adjust lower/pricing in additional hikes in 2023.
  • Policy uncertainty: Red Sep'23-Dec'23 at 97.67 trading trading inverted vs. Green Mar'24 by 0.065.
  • Option positioning: Active accts still holding large downside put positions in various quarterly expiries/strikes from Jun'22 through Dec'22 while recent trade over past week has seen rise in low delta call buying on tactical basis.
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