A modest downtick in Chinese 10-Year....>

CHINA RATES: A modest downtick in Chinese 10-Year yields at the start of trade,

last dealing at 3.318% after peaking at 3.363% on Tuesday.

- Chinese stocks closed in positive territory on Tuesday (on the back of a very

late recovery from negative territory with some suggesting that the Chinese

"national team" was in play ahead of the close and others pointing to Friday's

news that FTSE Russell is forging ahead with plans to add Chinese "A shares" to

its widely-tracked global benchmarks next month), which helped 10-Year bond

yields away from best levels, with worries surrounding smaller lenders evident

this week after the state took control of Baoshang Bank back on Friday.

- The PBoC has slowly ratcheted up its net injections via reverse repos,

injecting a chunky net CNY250bn via 7-Day operations today, the largest level

seen since the record injections back in January.