MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

CBI Price Expectations for Three Months Ahead Lowest Since December 2020

MNI: UK JUL CBI INDUSTRIAL TRENDS TOTAL ORDERS -32

Broad-Based IFO Weakness Reinforces Narrative of Recovery Stall

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

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USD Firms As US Yields Re-Open Higher, RBA Mins & China LPRs Due

FOREX

The USD is opening slightly firmer in the first part of Tuesday trade. The BBDXY was last just above 1244.65, 0.06% firmer versus end Monday levels.

  • The early impetus in US yields is firmer, with gains being led by the back end of the curve. The 10yr up +3bps to 4.31%. This is close to YTD highs and comes after cash trading was closed on Monday for the US Presidents holiday.
  • This is likely lending some USD support, although overall moves remain modest in early dealings. USD/JPY has drifted above 150.20.
  • AUD/USD has slipped close to 0.20%, last near 0.6530, while NZD/USD is back to 0.6145, slightly outperforming the AUD dip.
  • Coming up soon we have the RBA Minutes from the early Feb policy meeting. Later on, China LPRs are due, with both the 1yr and 5yr expected to be cut.
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