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PBOC Keeps LPR's On Hold

ASIA RATES
  • INDIA: Curve has twist flattened in early trade. The RBI sold shorter dated debt at lower yields than expected on Friday which saw yields drop, the aggressive cut offs meant that INR 27.8bn of the 2026 bonds were devolved on primary dealers. The sale totaled INR 345bn against an indicated total of INR 320bn. Meanwhile, the release of the RBI minutes showed policymakers were concerned over the impact on the economic recovery from the second wave of the pandemic. Elsewhere India will conduct an INR 100bn operation switch today, converting shorted dated debt to longer maturities.
  • SOUTH KOREA: Futures continued to move higher on Monday, 10-year future up 54 ticks t 126.92, a contract high. The MOF's 5-year auction was well taken down, the sale saw bid/cover of 2.82 (prev. 3.03) with markets now considering the hawkish set of BoK minutes last week. Data earlier showed exports rose 29.5% in the first 20 days of June, imports up 29.1%. The export gains were attributed to robust demand for chips, autos and petroleum products. On the coronavirus front there were 357 new coronavirus cases in the past 24 hours, below 400 for the first time in a week. The healthy ministry unveiled its new social distancing scheme, which allows businesses to stay open longer and permits gatherings of more people from July 1.
  • CHINA: The PBOC left the LPRs unchanged for the 14th month in a row, the Bank matched liquidity maturities with injections again, repo rates rose again. There was a commentary piece in the PBOC-run Financial News which said the PBOC will maintain reasonable and ample liquidity in line with its goal of keeping monetary policy stable, and analysts should not make unfounded tightening predictions causing wrong expectations and volatility. The PBOC will guide the money market rates around its short-term policy rate, the newspaper said.
  • INDONESIA: Yields higher across the curve, some steepening seen. Some of Indonesia's regional leaders have voiced an opinion that stricter Covid-19 measures are needed. Yogyakarta Gov & Sultan Hamengkubuwono X said that the provincial administration was mulling implementing a full lockdown. There were 13,737 new Covid cases on Sunday, the most since January.
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