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PBOC Lets CNY 100bn MLF Funds Mature

ASIA RATES
  • INDIA: Yields mixed in early trade. Friday's auctions from the RBI were strong by recent standards which have seen the Central Bank devolve several issues on primary dealers. The RBI sold INR 365bn of debt, more than the INR 310bn planned, cutoffs were also strong even though the greenshoe option was utilized. Markets look ahead to wholesale price data later today, the index is expected to slow to 11.29% in July from 12.07% previously. Data on Friday showed CPI rose 5.59% in July Y/Y compared to 6.26% gain in June and is now back within the RBI's target band.
  • SOUTH KOREA: Korean markets closed for Liberation Day
  • CHINA: The PBOC withdrew CNY 100bn at the MLF operation today, rolling over CNY 600bn and letting CNY 100bn of the total CNY 700bn coming due mature. The Central Bank matched injections with maturities at its OMOs today, repo rates are higher but within recent ranges. There was an earlier article that flagged this course of action could be taken, a piece in the China Securities Journal said the PBOC would increase reverse repo injections this week while not fully roll over maturing MLF funds. Chinese data was weak with industrial production, retail sales and FAI all missing estimates. Futures hovering around neutral levels having come off early highs.
  • INDONESIA: Yields mixed; some twist flattening seen. The government will today present the 2022 budget to lawmakers. The Jakarta Post reported that IDR100tn worth of capital injections for ailing state-owned enterprises. This represents 4% of the total size of the budget. Indonesian markets will be closed tomorrow in observance of the Independence Day. Following that, trade data will hit the wires on Wednesday and Bank Indonesia will deliver their monetary policy decision on Thursday. President Jokowi delivered his annual speech earlier, he said the pandemic put a heavy burden on the nation and Indonesia would target structural reforms to support the recovery.
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