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PBOC Indicate Readiness To Add Liquidity

CHINA

The PBOC's CNY5bn net OMO injection yesterday and the CNY 2bn today, unusually small amounts, are a gesture to the market that the central bank stands to supply more credit if needed, the China Securities Journal speculates.

The central bank's normal starting amount of injection is CNY10bn, and so far China's money market is well supplied with liquidity, the Journal said.

  • However, liquidity may tighten in the days before the February Lunar New Year due to tax payments, maturing MLF and higher cash demand, which will likely lead the PBOC to increase injections in February.
  • Market participants will look towards the MLF operation window on Jan. 15 (Friday); China will have 300b yuan of MLF matured on Jan. 15 and 240.5b yuan of TMLF matured on Jan. 25 (Monday).
  • The 7-day repo rate has declined, last at 2.05% from 3.25% at the start of January.
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