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GPIF Decision To Exclude Chinese Debt Weighs

CHINA RATES

The PBOC injected a net CNY 40bn of liquidity into the financial system today, the Central Bank is has exclusively used 14-day reverse repos for the past five sessions with the last of the 7-day issues coming due tomorrow. Repo rates diverged with the overnight repo rate briefly dropping to the lowest since June 28, while the 7-day repo rate briefly touched the highest since June 30. Futures are lower, earlier reports that Japan's GPIF would not invest in yuan-denominated Chinese government bonds citing the country's bond-market environment and other factors. The GPIF will continue to use a version of the FTSE Russell World Government Bond Index as its benchmark, an index that does not include Chinese debt. FTSE Russell has said it will add Chinese debt to its benchmark global bond index from October.

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