CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1346 WEDS VS 7.1364

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MNI China Daily Summary: Tuesday, July 30

MNI BRIEF: China To Step Up Macroeconomic Policies - Politburo

CHINA JUL MANUFACTURING PMI 49.4 VS 49.5 IN JUN

MNI: AUSTRALIA MONTHLY JUN CPI 0.4% MM, 3.9% YY

MNI: AUSTRALIA JUN RETAIL SALES +0.5% M/M

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

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Ylds Higher Even As Political Risk Remains

US TSYS SUMMARY
Generally muted start to the week: no data Monday, limited early volumes w/Japan out for extended weekend-holiday.
  • Tsy futures managed to rack up decent totals by the closing bell, however, TYH1>1.33M futures, as ylds continued to climb (10YY 1.1358% marks March 2020 level) while equities receded as well: ESH1 -23.0 in late trade.
  • Headline focus on political risk: "HOUSE TO VOTE TUESDAY ON URGING PENCE TO BACK TRUMP'S REMOVAL" Bbg, after impeachment vote failed to reach unanimous consent Monday. Out late: FBI WARNS OF PLANS FOR ARMED PROTESTS AT 50 STATE CAPITALS:" AP
  • Fed speak weighed on equities: Atl Fed Bostic comment that mkts "need to understand Fed policy is open to change" DJ.
  • Small tail: US Tsy $58B 3Y Note auction (91282CBE0) drew 0.234% high yield (0.211% last month) vs. 0.230% WI, on a bid/cover 2.52 vs. 2.28 previous.
  • Indirects drew 52.20% vs. 49.25% prior, directs 14.57% vs. 15.87% prior, dealers w/ 33.23% vs. 34.88% prior.
  • The 2-Yr yield is up 1.2bps at 0.1449%, 5-Yr is up 1.5bps at 0.4978%, 10-Yr is up 1.9bps at 1.1341%, and 30-Yr is up 0.6bps at 1.8797%.
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