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O/N Repo Higher After PBOC Matches Maturing Ops

CHINA RATES

The PBOC matched injections with maturities today, this follows a net CNY 20bn injection so far this week. The overnight repo rate is higher at 1.7012% up around 47bps, while the 7-day repo rate is steady at 2.2096%.

  • The PBOC also announced it will offer central bank bill swap with a coupon rate of 2.35% Thursday, charging a 0.10% fee. The bank emphasised that the operation is aimed at supporting banks' perpetual bond sales.
  • The cash curve has seen some bear flattening as equity markets in mainland China rebound from previous declines.

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