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PBOC Could Take On Huarong Assets

CHINA

The PBOC matched maturities with injections for the thirty third straight session, the last time the bank injected funds into the financial system was Feb 25. Repo rates have opened sharply higher, overnight repo rate up 52bps at 2.1292%, 7-day repo rate up 7 bps at 2.15%, still below the prevailing 2.20% PBOC rate after peeking above the level earlier this week.

  • Bond futures are lower, 10-year future down 12.5 ticks at 97.83, reversing all of yesterday's gains and bottoming out at Tuesday's low.
  • There are reports that China is considering a plan that would see the PBOC take on CNY 100bn of assets from China Huarong Asset Management in order to help the state-owned company clean up its balance sheet and refocus on managing distressed debt. If this did transpire it would be a clear signal of government support for firms under distress.
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