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China Repo Rates Rise On Monday


China Selects Younger Central Committee - Caixin


USD/CNY Fixing Above 7.1200

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JGBS: Futures finished the session +22 ticks (7 ticks off highs), curve bull
flattened & long-end swaps tightened. JGBs drew early support from the uptick in
Coronavirus cases aboard the quarantined ferry off Yokohama. Early domestic data
releases saw weak household spending alongside cash earnings that met exp.
- A negative session for domestic equities also provided some support.
- Elsewhere, PM Abe instructed the government to take "all necessary steps" to
mitigate the impact of the coronavirus outbreak on the economy, including the
tapping of budget reserves.
- The BoJ left the size of its 1-10 Year & JGBi Rinban ops unchanged, details
- 1-3 Year: offer/cover: 1.17x (prev. 2.67x) avg. spread -0.010 (prev. 0.007)
- 3-5 Year: offer/cover: 2.78x (prev. 2.77x) avg. spread -0.008 (prev. 0.004)
- 5-10 Year: offer/cover: 1.91x (prev. 1.99x) avg. spread -0.016 (prev. 0.004)
- JGBi offer/cover: 4.99x (prev. 6.22x) avg. spread -0.059 (prev. -0.127)
- The breakdown of the 1-10 Year ops provided further support in the afternoon
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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