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China Bounce Fades, Hang Seng Closes Lower

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The PBOC may increase liquidity injection through daily reverse repos in June if market rates rise as local government special bond issuances peak and rising PPI fuel tightening expectation, the Securities Daily reported citing Wang Qing, chief analyst at Golden Credit Rating. New special bonds could reach up to CNY800 billion in June, compared to CNY351.9 billion in May, the daily cited Wang as saying. The PBOC has continued to inject a small amount of CNY10 billion daily via 7-day reverse repos since May, seeking to guide the market rates around the current policy rates of 2.2% the newspaper said.