MNI China Daily Summary: Friday, April 26

MNI BRIEF: China, US Should Strengthen Dialogue, Cooperation

MNI BRIEF: SNB Framework Reform 'Playing With Fire' - Steiner

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1056 Fri; -4.56% Y/Y

MNI: BAKER HUGHES US RIG COUNT 613; OIL RIGS 506; GAS RIGS 105

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL APR INDEX 77.2

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Review 2Y Auction, Stops Through

US TSYS/SUPPLY
  • Solid $45B 2Y auction: 3.105% high yields vs 3.021% WI; 2.58x bid-to-cover vs last month 2.51 and 5 auction average of 2.59.
  • Stops through 0.6bps after last month’s 0.7bp tail, albeit after selling off 2bps into the auction. It builds on the strong seasonal June performance for 2Y auctions, with 5 of the prior previous 17 stopping through and 8 on the screws.
  • Indirect bounces back to 62.04% after last month’s drop to 51.5% (5 auction av 60.1%) with primary dealer take falling back close to prior average (17.95% vs 17.25% av). Direct lowest since Feb auction at 20.01%.
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