MNI China Press Digest July 26: Deposit Rates, Fiscal, PBOC

MNI: PBOC Net Injects CNY299.05 Bln via OMO Fri

MNI: PBOC Sets Yuan Parity Lower At 7.1270 Fri; -0.95% Y/Y

CHINA PBOC CONDUCTS CNY358.05 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1270 FRI VS 7.1321

MNI BRIEF: Treasury's Yellen: Inflation Moving To Fed's Target

Japan Tokyo Jul Core CPI +2.2% Y/Y

MNI BRIEF: Japan July Tokyo Core CPI Rises 2.2% Vs. June's 2.1%

MNI JAPAN JULY TOKYO CORE CPI +2.2% Y/Y; JUNE +2.1%

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

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SOFR Options Continue to Make Strides in Transitioning From Eurodlrs

STIR
Aside from a steady increase in volumes of SOFR futures and options ahead of the coming conversion of Eurodollar futures and options on April 14, 2023 - the sophistication of SOFR option flows has risen to the point where Eurodollar options used to excel. Recent examples of put positioning to hedge continued rate hikes into late 2023:
  • +10,000 OQM3 95.75/96.12 put spds vs. 2QM3 96.50/96.87 put spds, paying 1.0 net for the conditional bear curve flattener (SOFR Reds vs. Greens).
  • Over the past week, accts have purchased over 150,000 SFRU3 94.00/94.50 put spds from 5.5-6.0.
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