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Futures Higher


CHINA RATES: The PBOC matched maturities with injections again today, the twenty fourth straight session of matching maturities, while the bank hasn't injected funds since February 25. The overnight repo rate is has dropped having risen at the open, last down 1.75bps at 1.7825%, while the 7-day repo rate has risen 15bps at 2.0038%, still below the PBOC's 2.20% rate.

  • Futures are higher alongside other regional bonds, 10-year future up 0.18 at 97.385. Markets await a raft of data from China this week; trade balance, GDP, industrial production and retail sales are all due.
  • It was reported late last week that China's government told smaller, local financial institutions to step up risk management and avoid "excessive" growth, stepping up a campaign to clamp down on a build up in debt as the economy recovers.

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