MNI China Daily Summary: Wednesday, July 24

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

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

CHINA PBOC CONDUCTS CNY66.1 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1358 WEDS VS 7.1334

MNI BRIEF: China Wants U.S. Firms To Deepen Investment

MNI: US MBA: MARKET COMPOSITE -2.2% SA THRU JUL 19 WK

US MBA: REFIS +0.3% SA; PURCH INDEX -4% SA THRU JULY 19 WK

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Short End Weakness Maintains Bear Flattening Pressure

BUNDS

Short-end German yields are coming a little off their session highs but remain firmer on the day, alongside stronger Eurostoxx and a weaker euro.

  • 2Y yields are off a couple of basis points from the 2.96% high set close to the top of the hour (just shy of the 2.9895% mid-April high); likewise 5Y yields have dipped 1.5bp from 2.567% (shy of the 2.5984% high).
With the longer-end relatively anchored, the afternoon's move has seen bear flattening pressure maintained on the curve as we head toward the cash close (2s10s testing the May 25 inversion of -41.4bp): the 2-Yr yield is up 4.4bps at 2.946%, 5-Yr is up 2.5bps at 2.556%, 10-Yr is up 1.8bps at 2.54%, and 30-Yr is up 1.5bps at 2.679%.
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