MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

US Treasury Auction Calendar

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

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Preview $44B 2Y Note Auction

US TSYS/SUPPLY

Tsy futures holding firmer by midday, yield curves steeper heading into today's 2Y note auction (91282CFG1) at the top of the hour. WI is currently running around 3.290%, 27.5bp cheap to last month's stop.

  • July auction recap: Tsy futures pared gains after $45B 2Y note auction (91282CFA4) stopped through: 3.015% high yield vs. 3.021% WI; 2.58x bid-to-cover vs. 2.51x prior.
  • Indirect take-up bounced back to 62.04% after last month’s drop to 51.5% (5 auction avg of 60.1%), primary dealer take-up receded close to prior average (17.95% vs 17.25% av). Direct take-up lowest since Feb auction at 20.01%.
  • Timing: The 10Y note re-open results will available shortly after the competitive auctions closes at 1300ET.
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