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

CBI Retail Sales Fell Faster Than Expected For The Second Month

MNI: UK CBI JUL DIST TRADE REPORTED SALES -43

MNI: UK BOE JUN MORTGAGE APPROVALS 59,976

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

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The drop in Chinese bond yields has...........>

CHINA
CHINA: The drop in Chinese bond yields has continued today with the 10-year
losing another 2.3bps to trade at 3.318%. The 10-year swap has fallen 3bps to
3.16%, hitting fresh ytd lows.
- While yields are off their lows a reversal does not appear to be on the cards
even as equity markets display resilience, with the CSI300 recovering steep
losses to trade down just 0.5% on the day. 
- USDCNH is trading just off its daily highs, up 0.2% on the day at 6.8656 as
the yuan comes under pressure from a re-widening of US-China yield spreads and a
broad rise in risk aversion.
- The large beat in the Caixin Services PMI which came in at 53.8 versus
expectations of 50.7 failed to have much of an impact on the cross.
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