MNI China Daily Summary: Thursday, March 13

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GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

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CHINA: Futures Fall as PBOC Withdraws Liquidity via MLF. 

CHINA
EM BulletAPACChinaEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
  • As the PBOC conducted MLF activities ahead of the Lunar New Year CNY795bn of liquidity was withdrawn, whilst during the OMO CNY179bn was injected.
  • The benchmark 10YR future was down -0.13 in this morning’s trade to be at 108.99, the 10YR future down -0.10 at 106.35 and the 2YR future down -0.046 at 102.718.
  • The moves this morning has seen the 10YR future breach the 20-day EMA of 109.00, with the next key technical level the 50-day EMA of 108.35
  • The Lunar New Year holidays sees China out Jan 28-Feb 04 inclusive and it is likely that the Central Bank will provide liquidity leading into the holiday period which could see the resumption of the upward trend.
  • Key data out next week: Industrial Profits Jan 27, PMI’s 27 Jan.   
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  • As the PBOC conducted MLF activities ahead of the Lunar New Year CNY795bn of liquidity was withdrawn, whilst during the OMO CNY179bn was injected.
  • The benchmark 10YR future was down -0.13 in this morning’s trade to be at 108.99, the 10YR future down -0.10 at 106.35 and the 2YR future down -0.046 at 102.718.
  • The moves this morning has seen the 10YR future breach the 20-day EMA of 109.00, with the next key technical level the 50-day EMA of 108.35
  • The Lunar New Year holidays sees China out Jan 28-Feb 04 inclusive and it is likely that the Central Bank will provide liquidity leading into the holiday period which could see the resumption of the upward trend.
  • Key data out next week: Industrial Profits Jan 27, PMI’s 27 Jan.