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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PREVIEW: Liquidity Enhancement Auction For OTR 5- To 15.5-Year JGBs Due

JGBS AUCTION

The Japanese Ministry of Finance (MOF) will today sell Y500bn of JGBs with 5-15.5 Years until maturity in a liquidity enhancement auction. JB#1-28, #100-165 & #350-368 will be on offer.

  • The previous liquidity enhancement auction covering these maturities was held on 17 January 2023. The auction was covered 4.672x at an average spread of -0.002%, a high spread of +0.001% was registered, with 20.3101% of the bids allotted at the high spread.
  • Expect some demand for off-the-run paper that is located in the 10-Year JGB zone, especially for paper that underlies JGB futures, given the well-documented shortage of free float in this zone of the curve amid BoJ purchases related to YCC defence, with continued tests of the BoJ’s will re: YCC noted.
  • That should facilitate smooth enough takedown, although continued uncertainty re: the outlook for BoJ policy may limit overall demand from being quite as strong as it otherwise could be.
  • Results due at 0335GMT/1235JST.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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