MNI China Daily Summary: Monday, July 29

MNI: China CFETS Yuan Index Up 0.15% In Week of Jul 26

MNI: PBOC Net Injects CNY243.37 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Higher At 7.1316 Mon; -1.56% Y/Y

CHINA PBOC CONDUCTS CNY301.57 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1316 MON VS 7.1270

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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Sell-Off Extends With Williams' Remarks

US TSYS
  • After little initial reaction, cash Tsys are seeing a further bear flattening coinciding with Williams' balanced rather than dovish remarks, with 2YY now +5.8bps on the day at 4.05% and 10YY +1bps.
  • Latest remarks: WILLIAMS: CORE SERVICES EX-HOUSING INFLATION STILL HIGH (bbg) having noted in the prepared remarks "But the most persistent area of inflation is in core services excluding housing, which has been running around 4-1/2 percent since last August . This is driven by a continued imbalance in overall supply and demand, and it will take the longest to bring down."
  • He also reiterated the FOMC’s guidance that if additional hikes are appropriate, we’ll do that, and we don’t see any reason to cut rates this year.
  • Risks to the inflation and employment outlooks are seen as balanced, with it being possible that the US economy has more underlying strength.
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