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China Repo Rates Jump Into Month-End

ASIA RATES
  • INDIA: Yields mostly higher in early trade, bonds come under pressure as crude prices pick up after declines earlier this week. Meanwhile India has asked some ministries to front-load their capital expenditure according to the finance minister, in a bid to aid the recovery from the pandemic. Housing and steel ministries have been asked to front load capex and the oil ministry has been asked to accelerate asset sales. Markets look ahead to fiscal deficit and current account figures later today. The current account deficit is expected to have widened to $7.5bn in June from $1.2bn in May.
  • SOUTH KOREA: Futures flat in South Korea and hugging a narrow range with a distinct lack of catalysts after gaining through the session on Monday. Data earlier showed industrial output fell 0.7% on the month in May against an expected expansion of 0.7%, the annual figure rose 15.6%, below estimates of 18.3%. Both figures were above the May print, however. The cyclical leading index printed 0.4 in May from 0.5. On the coronavirus front South Korea reported 794 new cases in the past 24 hours, a sharp jump from 595 on Tuesday.
  • CHINA: The PBOC once again conducted OMO's to the tune of CNY 20bn net injections, after not adding liquidity to the system since March the PBOC has now injected CNY 100bn in total over the past five sessions. Despite the injections repo rates have jumped, the 7-day repo rate is up 67bps at 3.60%, there is talk that commercial lenders are hoarding cash heading into quarter end due to regulatory checks. This is the highest level for the 7-day repo rate since the pre-LNY spike. Overnight repo rate is also higher, last up at 2.14% though moves not as dramatic. Futures higher despite the jump in repo rates. PMI data earlier showed activity slipped in both the manufacturing and non-manufacturing sector, though remained expansionary.
  • INDONESIA: Yields higher across the curve, some bear flattening seen. Alexander Ginting, a member of Indonesia's Covid-19 task force, confirmed the impending tightening of restrictions across the country, after the Straits Times ran a report suggesting that the country will declare a hard lockdown by Saturday. Ginting described the upcoming measures as comprehensive, noting that people living in high-risk areas will be asked to stay at home. The package of new containment measures is being finalised and should be formally announced soon. Elsewhere, Pres Widodo named Maritime & Investment Min Panjaitan as the coordinator of new emergency restrictions in Java and Bali.
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