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PBOC Brings August Net Injections To CNY 80bn

CHINA RATES

The PBOC injected a net CNY 40bn of liquidity into the market via OMO's with 7-day reverse repos, the second consecutive day of injections, the Bank said yesterday that the injections are to ensure liquidity into month-end. As a reminder the PBOC injected a net CNY 100bn over five session at the end of June and CNY 40bn over two sessions at the end of July. Repo rates have inverted again, the overnight repo rate up 3.8bps at 2.2483%, 7-day repo rate down 26bps at 2.1902%, back below the PBOC's prevailing rate of 2.20%. Futures are lower, reversing yesterday's move higher, 10-Year future last down 20.5 ticks at 99.925.

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