MNI BRIEF: China June CPI Hits Three Month Low

RBNZ MPC SAYS OCR "HAS SIGNIFICANTLY REDUCED CPI"

MNI: RBNZ LEAVES OCR AT 5.5%

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

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

MNI: PBOC Sets Yuan Parity Higher At 7.1342 Weds; -0.53% Y/Y

Headline CPI Ticks Down To 0.2% Y/Y, PPI In Line

CHINA JUNE FOOD PRICES -2.1% Y/Y VS -2.0% Y/Y MAY

CHINA JUNE CPI +0.2% Y/Y VS MEDIAN +0.4%; MAY +0.3% Y/Y: NBS

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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Yields Mostly Lower Amid Negative Sentiment

ASIA RATES
  • INDIA: Yields lower in early trade, recovering from a sell off on Friday. Bonds could come under pressure today, suffering from a hangover of a weak auction on Friday. Indian bonds fell on Friday after a disappointing debt sale, primary dealers were left to rescue the 6.10% 2031 sale taking INR 111bn of the INR 140bn on offer. The weakness at auction was surprising given that this is a new 10-year line.
  • SOUTH KOREA: Futures recovered early losses to move into positive territory. • There were reports in Yonhap over the weekend that South Korea is planning to issue up to $1.5bn worth of overseas bonds during the second half of the year to capitalize on favorable funding conditions. According to the reports, the finance ministry has recently completed the process to pick a lead manager for the planned debt sale. Last week Fitch affirmed South Korea at AA- with a stable outlook. Elsewhere the BoK has announced plans to stop issuance of 182-day monetary stabilisation bonds (MSB's) to improve the efficiency of OMOs.
  • CHINA: Futures in China are higher. Comments from the meeting of US and Chinese officials have not been encouraging, Sino-US relations are said to face difficulties. Vice Foreign Minister Xie told US Deputy Secretary of State Sherman that some Americans seek to depict China as an imagined enemy, but did note that China was willing to reach a deal with the US on an equal footing. There were reports over the weekend that the Biden administration has no immediate plans to impose sanctions on Chinese officials in response to the Microsoft Exchange hack, which should at least help stop relations from deteriorating further. The PBOC matched maturities with injections. Repo rates rose, the 7-day repo rate has risen above the PBOC's rate last at 2.2258%.
  • INDONESIA: Yields higher in Indonesia, some curve flattening seen. Indonesia will extend its tightest virus restrictions for another week until Aug. 2 as cases remain elevated despite restrictions having been in place for a month. Cases have jumped back to over 40k per day after declining from peaks of 56k mid-July.
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