MNI China Daily Summary: Friday, June 28

MNI BRIEF: PBOC Pledges to Curb Any Overshoot Of The Yuan: MPC

MNI: PBOC Net Injects CNY40 Bln Via OMO Fri; Rates Unchanged

CHINA PBOC CONDUCTS CNY50 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Lower At 7.1268 Fri; -0.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1268 FRI VS 7.1270

Inflation Slowed in June, Shaking Off May Hotel Price Jump

Broad-based Deceleration In June Core Metrics

MNI: ITALY JUN FLASH HICP +0.2% M/M, +0.9% % Y/Y; MAY +0.8% Y/Y

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

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

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Slightly Richer After Lacklustre Dealings On Monday

US TSYS

TYH4 is currently trading at 110-10+, +0-02 from NY closing levels.

  • This comes after a lacklustre data-light NY session on Monday. The sole items on the calendar were the 3-year and 10-year US tsy auctions, which both fell short of expectations.
  • Initially, the market cheapened but recovered, leading to a twist-steepening of the curve, pivoting at the 2s, with yields from 1bp lower to 2bps higher. The 10-year yield reached 4.29% in early post-auction dealings before concluding at 4.23%.
  • Given the potential for significant developments in the upcoming days, investors opted to remain on the sidelines on Monday in anticipation of the US inflation data scheduled for later today and the Federal Reserve's decision on Wednesday.
  • Although the Fed decision itself is not expected to be surprising, the dot plot, forecasts, and the press conference hold the potential for unforeseen developments.
  • This week also sees ECB and BOE policy meetings ahead of the BOJ policy decision next Tuesday.
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