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Futures Drop After PBOC Decides Not To Add MLF Funds

CHINA RATES

Futures lower in China, dropping at the open. The PBOC rolled over CNY 500bn of MLF funds, refraining from extra injections, the Central Bank also matched maturing reverse repos. The roll over indicates the PBOC are comfortable with current policy settings, some have said easing is on the cards, and has seen CNH strengthen and futures drop, repo rates meanwhile creep slightly higher but are within recent ranges. As a reminder PBOC Governor Yang spoke at the G20 Central Bankers meeting earlier this week and said that policy will be "flexible, targeted, reasonable and appropriate".

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