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Futures Hit Lower


The PBOC matched maturities with injections for the thirty fourth straight session, the last time the bank injected funds into the financial system was Feb 25. The overnight repo rate rose 5 bps to 2.0696%, the 7-day repo rate down 18bps at 2.1710%.

  • Bond futures are lower, 10-year future some 24 ticks lower at 97.675 after gapping lower at the open. More woes for China's Huarong who's bonds come under pressure today after the company said its 2020 results would be delayed past an April 30 deadline, after missing a March 31 deadline already. The report did not affect broader markets though, with 5-year corporate bond spreads barrowing to the tightest since March.
  • Elsewhere, Xinhau reported over the weekend that China has issued CNY 895.1bn of local government bonds in Q1, this comprised CNY 521bn of general issuance bonds, and CNY 374.1bn.
  • There were also reports over the weekend that the CBIRC has encourages five large banks to boost loans to small companies y over 30% this year, as well as seeking to give loans to more first time borrowers.

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