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

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

MNI: UK JUN M4 MONEY SUPPLY +0.5% M/M, +1% Y/Y

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

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Shedding Gains

BOND SUMMARY

A sell-off in e-minis, linked to fresh legal headwinds for Facebook, pushed T-Notes higher, but after topping out at 139-18+ the contract pared gains and last trades unch. at 139-16. Cash Tsy yields are little changed at typing. Eurodollar futures last seen unch. to +1.0 tick through the reds. All eyes are on FOMC monetary policy decision, due later today.

  • JGB futures re-opened higher, but have eased off and currently trade at 151.98, 2 ticks shy of settlement. Cash JGB yields mostly sit marginally below neutral levels, with 2s outperforming. Japan recorded an unexpected trade surplus, as exports shrank less than expected, while the decline in imports topped forecasts. The BoJ refrained from tweaking the sizes of its 1-10 Year JGB purchases.
  • In Oz, YM +0.4 & XM -0.3 after erasing earlier upticks. Cash ACGB curve has twist steepened a tad. Bills trade unch. to -1 tick through the reds. The AOFM auctioned A$2.0bn worth of ACGB 1.50% 21 Jun '31, while the RBA refrained from buying bonds today.
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