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

MNI China Daily Summary: Monday, July 22

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

CBRT Data Watch

NBH Data Watch

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

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WPI Firmer Than Expected, Trade Balance On Tap

INR

INR is softer in early trading as it follows the broad based USD/Asia bid, ADXY is down ~0.3%.

  • Yesterday's Jan WPI was stronger than expected, printing at 4.73% vs 4.50 exp. The index is continuing to moderate from levels seen in mid 2022.
  • USD/INR is ~0.1% firmer, printing at 82.85/90. 10-Year Bond Yields are down ~2bps in early trading.
  • On-shore equities are following regional equities lower, the Nifty50 is down ~0.3%. Indian Equities have seen foreign investors buy a net of $389mn on Friday and Monday, however the net for the month is an outflow of ~$217mn.
  • On the wires today we have January Trade Balance. The Bloomberg survey median is for a deficit of $23.5bn.
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