MNI: PBOC Net Drains CNY48 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Lower At 7.1289 Fri; -0.35% Y/Y

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

CHINA SETS YUAN CENTRAL PARITY AT 7.1289 FRI VS 7.1305

MNI China Daily Summary: Thursday, July 4

MNI BRIEF: China Has Four Months To Negotiate EU EV Agreement

INDON/PHILIP Long-end Spreads Widen, Inflation Falls

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

Factory Orders Decline as Non-EU Orders Dip

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

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

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Update To Westpac's RBA Call Triggers Uptick In ACGBs

AUSSIE BONDS

The latest research note from Westpac prompted Aussie bonds to briefly blip higher, as their Bill Evans said he now expects the RBA to extend its QE programme by further $100 billion (prev. forecast: A$50bn). YM last sits -0.5 & XM +1.5. The cash space saw a similar reaction to Westpac's piece. Yield curve has bull flattened, with 10s outperforming. Bills last trade unch. to -1 tick through the reds.

  • Westpac's Evans said that "we now expect that the program that is scheduled to begin in mid-April and extend into mid-October will be replaced by another $100 billion program rather than the $50 billion which we forecast back in December. We maintain the call that the final "leg" of the program will be tapered to $50 billion from April next year."
  • Today's offering of ACGB 21 Nov '24 was relatively light, the AOFM tapped just A$800mn of the bond. Auction parameters were solid enough, as price tail was was very narrow and bid/cover ratio remained above 4.00x.
  • Focus moves to the AOFM's weekly issuance schedule.
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