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Markets await the latest injection from the PBOC, the bank yesterday injected a net CNY 98bn for the second straight session, which helped alleviate liquidity concern and saw repo rates recede from multi-year highs.
- Short end rates, though down from highs, remain elevated. There could be some concern for the PBOC that if they do not act to stem short end rates it will signal a rate hike on the horizon. The rate corridor is of particular concern to the PBOC, with the 7-day depositary repo rate rising above the PBOC's 7-day repo rate (2.2%) and close to the 7-day SLF rate (3.2%).
- It is possible that 14-day reverse repos could be used over the LNY period to ensure liquidity without signaling tighter conditions, with PBOC watchers floating a 1:2 ratio of 14-day:7-day reverse repos.