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The PBOC matched maturities with injections for the thirty seventh straight session, the last time the bank injected funds into the financial system was Feb 25. The overnight repo rate is higher on the day at 1.7717% but still below yesterday's high around 1.83%. The 7-day repo rate slightly lower at 2.1289%, back below but hovering around the PBOC's 2.20% rate. Futures are higher, 10-year up 9.5 ticks, while moves in 5- and 2-year futures are more muted.

  • China Huarong Asset Management repaid an offshore bond yesterday with funds provided by Industrial & Commercial Bank of China , the nation's largest state-owned bank, according to Bloomberg reports. The moves follows a request by the financial regulator for banks to extend loans to Huarong by at least six months to help the company refinance debt. Corporate bond spreads widened yesterday, but have narrowed after the Huarong reports today.
  • Earlier, China Development Bank sold 5-year upsized bonds at a yield of 3.283% with a bid/cover ratio at 6.39.