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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 AccessMLF Could Be Increased
The PBOC's MLF will come due today, there is a chance it could be rolled over with a larger amount. China Securities Journal reported as much earlier this week in a bid to signal the Central Banks intention to maintain liquidity in the banking system, particularly as the pre-Golden Week liquidity is drained via OMO's and the PBOC signals its is uncomfortable with a stronger yuan via the fix.
- As a reminder, CNY 500bn of MLF funds mature today, while a total CNY 510bn of reverse repo funds will roll off this week.
- Another factor in the PBOC's thinking will be inflation, CPI dipped while PPI rose to the highest since 1995, however the two measures have showed limited pass through which could leave the PBOC room to adjust policy.
- Sell side analysts are split on direction of policy in China, both ANZ and Citi say there could be an RRR cut as early as next month while others, including Nomura, think this is unlikely.
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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.