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

MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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Yields Remain Bid on Eurobond Sale, Longer-End Issuance Today

SOUTH AFRICA
  • The Dept of Mineral Resources and Energy has warned against the direct granting of sizeable tariff increases for Eskom, stating that such high tariff rises reward inefficiency as prices climb higher. Manufacturers could instead choose to export processes or leave the country altogether, damaging tax revenues as well as unemployment, according to News24. This year, Eskom was granted a 9.6% tariff increase.
  • Two new omicron variant sublineages have been discovered in South Africa, dubbed BA.4 and BA.5, according to Tulio de Olivereira, the director of the Centre for Epidemic Response & Innovation. Tulio adds that there is no cause for alarm as there’s been no major spike in cases, hospital admissions or fatalities.
  • Yields shot higher throughout Monday trade as markets absorbed a rocky two-tranche Eurobond sale of 10y and 30y debt. The local yield curve remains bid headed through Tuesday morning, 10y yields already higher by 1.5bps and back above 10%.
  • In FX, the ZAR traded well Monday, pushing below 14.60 at the close, with stronger precious metals prices – notably platinum group prices – trading well amid a risk-off tone for global assets. Key resistance remains defined at 14.85 & 14.99, while 14.50 & 14.3667 are major supports.
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