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

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Tepid Volumes Ahead of Heavy Supply Later

US TSYS
  • Cash Tsys have been paring losses seen after gapping lower at the open on no clear headline driver. The pace of the intraday rally has gathered speed through the European session but with Tsys still underperforming core EU FI.
  • Ahead of a session likely relying on headlines for drivers until heavy Treasury issuance later on, it leaves Treasuries back little changed from Friday’s close as markets gear up for US CPI tomorrow before the FOMC decision on Wed.
  • 2YY +0.0bp at 4.596%, 5YY -0.2bp at 3.911%, 10YY +0.0bp at 3.739%, 30YY -0.9bp at 3.871%.
  • TYU3 trades just 1 tick higher at 113-13+ having lifted off Friday’s low of 113-06+, which for now has prevented a stronger run to key support at 112-29+ (May 26/30 lows). Volumes are particularly subdued volumes at just 160k.
  • Data: Monthly budget statement May (1400ET)
  • Note issuance: US Tsy $40B 3Y Note auction (91282CHH7) at 1130ET, US Tsy $32B 10Y Note auction re-open (91282CHC8) at 1300ET
  • Bills issuance: US Tsy $58B 26W bill auction at 1130ET, US Tsy $65B 13W bill auction at 1300ET
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