I. RMB Exchange Rate Market Snapshot

The RMB central parity was 0.04% lower at 7.1315 last Friday; the RMB exchange rate in the interbank market appreciated by about 0.12% to close the week at 7.2585; the 1-year swap point rose 35 bps to close the week at -2,894.The 1-year overseas USD/CNH non-deliverable forward (NDF) fell 70 bps to close the week at 7.0595.

II. Exchange Rate Market Snapshot

The USD Dollar Index (DXY) closed the week 0.75% lower at 104.093.
EUR/USD closed the week 0.65% higher at 1.0906.
USD/JPY closed the week 1.76% lower at 157.89.
AUD/USD closed the week 0.50% higher at 0.6783.

III. RMB Interest Rate Market Snapshot

Money market: The overnight Shanghai Interbank Offered Rate (Shibor) and the overnight fixing repo rate closed at 1.67% and 1.73%, respectively. The 7-day Shibor and the 7-day fixing repo rate closed the week at 1.80% and 1.84%, respectively.
Secondary market: The yield on the 10-year China Government Bond (CGB) fell 1 bp, closing the week at 2.27%. The yield on the 5-year China Development Bank (CDB) bonds fell 1 bp to close at 2.03%.
Primary market: The Ministry of Finance auctioned 91-day and 182-day discounted CGBs and 2-year, 3-year, 5-year, 10-year and 50-year coupon-bearing CGBs; the Agricultural Development Bank of China (ADBC) auctioned 3-month, 1-year, 2-year, 3-year, 5-year, 7-year and 10-year fixed-rate bonds; the China Development Bank (CDB) auctioned 3-year, 5-year, 7-year and 10-year fixed-rate bonds; the Export-Import Bank of China (CEXIM) auctioned 1-year, 3-year and 10-year fixed-rate bonds.

IV. RMB Credit Bond Market Snapshot

Primary market: A total of 70 super & short-term commercial papers (SCPs) were issued with an aggregate size of RMB66,960 million; 10 commercial papers (CPs) were issued with an aggregate size of RMB7,387 million; 102 medium-term notes (MTNs) were issued with an aggregate size of RMB85,905 million.
Secondary market: The yields on CPs and MTNs fell in choppy trading, with the enterprise bond yields swinging within a narrow band.

V. FCY Interest Rate Market Snapshot

The price of US Treasuries moved higher, with the 10-year US Treasury yield closing the week 9.5 bps lower at 4.183%.
The price of German Government Bonds moved higher, with the 10-year yield closing the week 6.0 bps lower at 2.496%.

VI. Precious Metals Market Snapshot

The gold price rose 0.83% to close the week at USD2,411.27 an ounce.
The silver price fell 1.42% to close the week at USD30.77 an ounce.
The platinum price fell 2.76% to close the week at USD998.38 an ounce.
The palladium price fell 5.58% to close the week at USD969.05 an ounce.

VII. Crude Oil Market Snapshot

The WTI crude oil futures fell 1.51% for the most-active contracts, closing the week at USD82.18 per barrel.
The Brent crude oil futures fell 1.83% for the most-active contracts, closing the week at USD85.27 per barrel.

VIII. Base Metals Market Snapshot

The LME 3-month copper price fell 0.93% to close the week at USD9,877.00 per tonne.

IX. Agricultural Products Market Snapshot

The CBOT soybean futures fell 5.92% for the most-active contracts to close the week at 1,164.50 US cents a bushel.

X. Natural Gas Market Snapshot

NYMEX natural gas futures fell 0.73% for the most-active contracts, closing the week at USD2.313 per million British thermal units.

Please see attached.
ICBC Markets Weekly (July 8-12, 2024).pdf