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

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Yen Weaker Early Doors

JPY

Yen is trading lower early doors in the Monday Asia Pac session. We have lost close to 0.30% since the open, putting USD/JPY back into the 135.20/25 region, which is above highs from Friday's session post the US payroll print. Note Japan markets return today after a 3-day break. The yen is underperforming both AUD and NZD, with NZD/JPY back to 85.15/20.

  • Headline flow has been light, with some focus likely to be on EU plans to sanction China companies aiding the Russian war with Ukraine (per the FT). Some of the companies are already reportedly sanctioned by the US, so the fallout from a broader risk sentiment perspective may not be large.
  • US equity futures opened higher, but are away from best levels. Eminis last just near 4153 (+0.06%).
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