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CHINA: Country Wrap: Liquidity Crunch in China’s Interbank. 

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  •  A sharp funding squeeze for China’s domestic banks is pushing short term funding rates to extreme levels with the 7-day interbank pledged repo index rising to the highest it has been in over a year. (source: MNI – Market News).
  • China criticizes the Biden administration's trade restrictions, calling them "irrational and extremely irresponsible" whilst vows to push for self-reliance and technological innovation in response to the restrictions. (source: BBG)
  • China’s major bourses had a mixed day today with the CSI 300 down modestly.  ang Seng +0.76%, Shanghai +0.12% and Shenzhen +0.05%.
  • CNY:  Yuan Reference Rate at 7.1881 Per USD; Estimate 7.3274
  • China’s 10YR saw yields modestly higher today, up +2bps to 1.653%. 
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  •  A sharp funding squeeze for China’s domestic banks is pushing short term funding rates to extreme levels with the 7-day interbank pledged repo index rising to the highest it has been in over a year. (source: MNI – Market News).
  • China criticizes the Biden administration's trade restrictions, calling them "irrational and extremely irresponsible" whilst vows to push for self-reliance and technological innovation in response to the restrictions. (source: BBG)
  • China’s major bourses had a mixed day today with the CSI 300 down modestly.  ang Seng +0.76%, Shanghai +0.12% and Shenzhen +0.05%.
  • CNY:  Yuan Reference Rate at 7.1881 Per USD; Estimate 7.3274
  • China’s 10YR saw yields modestly higher today, up +2bps to 1.653%.