MNI BRIEF: Fed's Goolsbee Taking Job Gains With Grain Of Salt

BRIEF: EU Says Engaging With China Over EV Trade Dispute

MNI BRIEF: Draghi Calls For Tariffs, Subsidies Against China

MNI BRIEF: China May M2 Slows To Record Low Again

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

US Treasury Auction Calendar

MNI: BAKER HUGHES US RIG COUNT 590; OIL RIGS 488; GAS RIGS 98

EZ/UK Bond Supply Calendar: Slovakia, Belgium, BoE APF Monday

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

China Repo Rates Drop

ASIA RATES
  • INDIA: Yields higher in early trade, markets look ahead to an INR 360bn bill sale later today. Data yesterday showed India's trade deficit narrowed more than expected in May, exports rose 69.4% while imports rose 73.6%. Imports took a bigger hit which was attributed to lower imports of gold. On the coronavirus front recoveries continue to outnumber daily new cases for the 34th consecutive day.
  • SOUTH KOREA: Futures ground lower after the release of a hawkish set of BoK minutes yesterday. Following the release many sell side analysts have bought forward hike calls. The minutes showed four out of the six monetary policy board members said it was appropriate to think about potential timing to adjust the degree of monetary easing. Timings of rate hikes have now been bought forward to Q4 2021 from Q1 2022, Citi expects a hike as soon as October 2021.
  • CHINA: Repo rates are lower today after rising for three consecutive sessions. The overnight repo rate is down 9bps at 2.0079%, while the 7-day repo rate is down 4bps at 2.1895% - back below the PBOC's 2.20% rate. The PBOC refrained from injecting liquidity again after rolling over the MLF and draining CNY 10bn via OMO's, speculation is rising that the central bank will soon inject liquidity, but the bank is expected to position these as a tool to smooth repo rate volatility rather than an easing signal. Futures are higher today, benefitting from lower repo rates and a decline in stocks with equity markets negative for the third straight session.
  • INDONESIA: Yields higher across the curve. Indonesian Econ Min Hartarto said that national economy is expected to rebound this year and the gov't remains confident that the GDP growth target of +4.5%-5.3% will be met. Hartarto added that the gov't has used 31.4% (or IDR219.65tn) of its 2021 pandemic stimulus budget. Bank Indonesia will deliver their latest MonPol decision tomorrow. Virtually all analysts expect them to leave their benchmark policy rate unchanged.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.