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Monday's Richening Unwound

AUSSIE 10-YEAR TECHS

(U1) Needle Points North

AUSSIE 3-YEAR TECHS

(U1) Holding Onto Gains

CHINA PRESS

The PBOC may net drain liquidity after the holiday with a small reduction in conducting MLFs and reverse repos, the Shanghai Securities News reported citing Yan Se, chief economist of Founder Securities. The government faces less pressure on bond financing early this year compared to the previous years, so the central bank needs no large liquidity injection at this time, the newspaper said citing Shao Xiang, macro analyst of Soochow Securities. There will be CNY200 billion MLFs and CNY280 billion of reverse repos maturing on Thursday, the newspaper said.