MNI China Daily Summary: Tuesday, July 23

MNI: PBOC Net Drains CNY408.7 Bln Via OMO Tues

MNI: PBOC Sets Yuan Parity Lower At 7.1334 Tues; -1.30% Y/Y

CHINA PBOC CONDUCTS CNY267.3 BILLION VIA 7-DAY REVERSE REPOS TUES

CHINA SETS YUAN CENTRAL PARITY AT 7.1334 TUES VS 7.1335

MNI PBOC WATCH: PBOC Cuts 7-Day Rate As Reconfigures Framework

EZ/UK T-Bill Calendar: 3/6-Month RATB Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

Philippine's FinSec Open To Rate Cuts, Front-End Yields Lower

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

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USDCOP Hits New YTD Lows, Aided By Oil And Still Attractive Carry

COLOMBIA
  • Despite further gains in the dollar today, the Colombian peso has been a notable outperformer with the currency rallying 0.4% against the greenback at the time of writing. USDCOP fell to 3867 earlier in the session, its lowest since the start of the year, aided by further gains in oil prices and still high carry. Although BanRep is expected to cut by a larger 50bp on Friday, real yields will remain attractive vs. peers.
  • BBVA note that a 50bp cut this week is more than priced in, with the alternative being an even faster pace of easing, which could have more of an impact on the COP. Otherwise, they expect the carry impact and pressures on the COP to be delayed until later in Q224.
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