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China Futures Rise As PBOC Injects Month-End Liquidity

ASIA RATES
  • INDIA: Yields mostly higher in early trade, yields in the 10-Year sector have risen some 3bps in the past three sessions as markets assess the rebound in oil prices and the accompanying prospect of inflation, as well as a more hawkish set of central bank minutes earlier this week. The RBI will auction INR 170bn of T-bills today, the market now looks ahead to this week's auctions, and then GDP data next week.
  • SOUTH KOREA: Futures hugged a narrow range in South Korea, both the 3-Year and 10-Year heading into the close flat. Markets await the BoK rate announcement tomorrow where opinion is split over whether the Central Bank could implement a 25bps rate hike. South Korea's daily new coronavirus cases spiked to over 2,000 again Wednesday at 2,155. Data yesterday showed household debt hit a record high in Q2 amid the continued record-low interest rate.
  • CHINA: The PBOC injected a net CNY 40bn into the financial system heading into month end, a move the Central Bank said was to ensure ample liquidity, bond futures rose sharply while yields slipped, equity markets struggled for direction. Despite the liquidity injection, repo rates are higher on the day, but have come off highs seen at the start of the session, the 7-day repo rate rose back above the overnight rate after inverting yesterday.
  • INDONESIA: Yields lower across the curve, some steepening seen. Tuesday brought a confirmation that Bank Indonesia and the Finance Ministry have struck a deal on their third burden-sharing scheme. The central bank will buy IDR215tn of INDOGBs this year and IDR224tn of debt in 2022 via private placements, charging a coupon rate equivalent to its 7-Day Reverse Repo Rate (benchmark policy rate). BBG sources revealed that the plan is supported by majority of lawmakers.
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