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China's 10 year bond future is back.....>

CHINA RATES: China's 10 year bond future is back on the front foot after
yesterday's false bearish break, with the contract adding 16 ticks today to
bring the cycle highs back into focus. Cash yields are 1bp lower on the day. 
- The 10 year swap failed to build on its break above 3.0% yesterday which has
seen weakness resume today, with some bearish flattening seen as the 10 year
edges down 2.75bps. 
- The PBOC skipped open market operations for a seventh straight day today,
leaving liquidity unchanged, with no reverse repo maturing today, with the
central bank said the total liquidity in the banking system is at a relatively
high level, enough to offset cash input, government bond issuance and other
- The 7-day weighted average interbank repo average rate has spiked 30bps today
to its highest level of the year.

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