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CHINA: PBOC’s Revamp of Policy Tools Continues.

CHINA
EM BulletAPACChinaEmerging Market NewsBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • The PBOC has advised that it will include outright reverse repurchase agreements as a monetary tool, supplementing the daily OMOs.
  • The PBOC will conduct a monthly outright reverse repo direct from primary dealers targeting government bonds but also including selective corporate debt.
  • Given outright repo involves the exchange of bonds, the operations appear to be a further expansion of policy aimed at modernizing and supplementing liquidity in interbank markets
  • Given a lot of liquidity is tied up in longer dated securities it will prepare the market for the expected surge of issuance coming by regional and central governments. 
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  • The PBOC has advised that it will include outright reverse repurchase agreements as a monetary tool, supplementing the daily OMOs.
  • The PBOC will conduct a monthly outright reverse repo direct from primary dealers targeting government bonds but also including selective corporate debt.
  • Given outright repo involves the exchange of bonds, the operations appear to be a further expansion of policy aimed at modernizing and supplementing liquidity in interbank markets
  • Given a lot of liquidity is tied up in longer dated securities it will prepare the market for the expected surge of issuance coming by regional and central governments.