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Futures Resume Rise

CHINA RATES
  • The PBOC matched maturities with injections today, repo rates are lower today and moving back into more comfortable ranges while the 7-day repo rate has moved back above the overnight repo rate after briefly inverting earlier this week. Futures are higher today, resuming their recent rally after dropping for the past two sessions. 10-Year future makes a new contract high at 99.745 as stocks drop into negative territory and snap a four-day winning streak.
  • Elsewhere, guidelines published by the central government late yesterday show plans to promote the advanced manufacturing sector and "appropriately increase" local government bond quotas in central provinces.
  • Corporate bond spreads narrowed after Bloomberg reported that Evergrande was considering a unit listing which helped take pressure of its issues and soothed the market somewhat. Concerns around the firm's financial position abound though after officials said they would tighten funding control.
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