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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessFutures Snap Four Day Losing Streak
The PBOC matched injections with maturities today, repo rates are mixed but within recent ranges. The overnight repo rate is down 17bps at 19288%, while the 7-day repo rate is up 23bps at 2.1312%. Futures are higher, snapping a four day losing streak, 10-year future is up 14.5ticks at 99.955. Equity markets are slightly lower.
- There are fears of further regulation with a statement from the State Council yesterday saying it would actively work on legislation in areas including national security, technological innovation as well as anti-monopoly to improve the legal framework and help govern the country. The CBIRC has also laid out new guidelines for cracked down on improper marketing and pricing practices in insurance technology platforms
- US Deputy Secretary of State Sherman will meet with China's ambassador to the US on Thursday, while there are also reports that US Tsy Sec Yellen is weighing a trip to China in the coming months.
- Data yesterday showed that new credit rose at the slowest pace since February 2020, the start of the pandemic. Aggregate financing was CNY 1.06tn, lower than CNY 3.7tn in June. Credit expansion usually weakens in July after a spike in June as banks seek funding arrangements into quarter end. The recent RRR cut should also spur lending in the coming months.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.