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China Repo Rates Fall on Tuesday


RBC: Receive 1Y1Y Vs. U.S.

  • USD/RUB paring early upside following a relatively hawkish CBR presser
  • rejects the 7.90 handle.
  • Cautious tone over price uncertainties and whether any room for easing remains
  • Easing space will remains a function of how transitory 1Q21 price pressures end up being
  • Pressure from international organisations will likely persist once the temporary spike subsides (aided by recent RUB strength) but most will still see some space for easing
  • RUB FRA 3x6 - Mosprime spreads widened 2bp today to 19.5bp
  • RUB FRA 6x9 - Mosprime spreads also widened 2bp today to 18.5bp
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