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 steady appetite for risk since.....>

US TSY FLOWS
US TSY FLOWS: The steady appetite for risk since NFP faltered Wed, rates broke
higher early w/Bunds on German finmin headlines re: stimulus. Large Tsy call
option buy (100k TYZ 131 calls) in addition to over +13k TYZ futures block buys
continued to support Tsys through midmorning.
- But it was midday headlines that US/China official will delaying trade talk to
December followed by Europe NOT the US would be continent where deal MAY be
signed if one can be agreed upon. Rates gap lower then surge back to near
session highs. Despite trade apprehension, chances of fourth rate cut in
December remained below 10%.
- In addition to option hedging and block buys, flow included decent deal-tied
hedging, program, prop and fast$ buying across the curve on headlines. Strong US
Tsy $27 10Y note auction (912828YS3) stopped through: awarded 1.809% rate
(1.590% in October) vs. 1.818% WI; 2.49 bid/cover (2.46 previous). Indirects
drew 64.54% vs. 58.53%, directs 12.37% vs. 12.79%, and 23.09% for dealers.
- The 2-Yr yield is down 2bps at 1.6045%, 5-Yr is down 3.6bps at 1.6278%, 10-Yr
is down 4.3bps at 1.8159%, and 30-Yr is down 3.9bps at 2.2994%.
MarketsFixed Income Bullets
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