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MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1149 Mon; -1.41% Y/Y

CHINA PBOC CONDUCTS CNY4 BILLION VIA 7-DAY REVERSE REPOS MON

CHINA SETS YUAN CENTRAL PARITY AT 7.1149 MON VS 7.1151

BRIEF: EU Says Engaging With China Over EV Trade Dispute

Japan Apr Machine Orders -2.9% M/M

CHINA MAY INDUSTRIAL OUTPUT +5.6% Y/Y VS MEDIAN +5.9% Y/Y: NBS

MNI JAPAN APRIL CORE MACHINE ORDERS -2.9% M/M; MAR +2.9%

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Swift Action, Not SWIFT Sanction

US TSYS
Hectic session on net -- risk appetite improved after US President Biden outlined targeted sanctions against Russia for invading Ukraine overnight, while assurances that US troops would not be sent to Ukraine helped calm markets in late trade.
  • Not how the session started -- negative reaction to Russia invading Ukraine on multiple fronts: sharp drop in Tsy yields (30YY 2.1590 low), SPX eminis fell to 4101.75 low, Gold soared over $50/oz and WTI crude climbed over $100.0/bbl.
  • Heads of state announced more sanctions -- UK PM Boris Johnson called for 'Massive Package Of Sanctions' including access to SWIFT banking system; French Pres Macron include "sanctions against Russia will factor in the energy sector and will be without weakness". But calm didn't emerge until Pres Biden would not limit access to SWIFT (holding in reserve), relief rally as Biden focused on shoring up NATO support and not putting US troops on Ukraine soil.
  • Heavy overall volumes (TYH2>3.7M) -- due in large part to ongoing Mar/Jun quarterly roll ahead next Mon's first notice.
  • Long-end Tsys inched off session lows, two-way trade on modest reaction to $50B 7Y note auction (91282CEB3) stop: 1.915% high yield vs. 1.905% WI; 2.36x bid-to-cover steady vs. last month.
  • Friday Data Roundup: Durables, Cap Goods, PCE, Home Sales, U-Mich, NY Fed buy-op rolled to Friday due to technical difficulties.
  • After the bell, 2-Yr yield is down 3.8bps at 1.5637%, 5-Yr is down 4.8bps at 1.8553%, 10-Yr is down 3.1bps at 1.9599%, and 30-Yr is down 1.7bps at 2.2767%.
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