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PBOC Strengthens Yuan & Injects Liquidity

CHINA

The PBOC fixed dollar/yuan midpoint at 6.5325, around 126 pips stronger for the yuan than yesterday. The stronger fix heled accelerate a downside move in USD/CNH, last just off session lows of 6.5110.

  • The bank continues to inject liquidity into the system as we close in on year end, adding CNY 30bn of liquidity today, equating to the eighth straight day of injections. The liquidity has compressed money market rates, with the overnight rate reaching the lowest on record last week, while yields climb.
  • As such the spread between 10-year bond yields and the O/N repo rate used to finance bond purchases is near the widest in almost 7 years.
  • Elsewhere, China's National Bureau of Statistics downgraded 2019 GDP growth to 6% from 6.1%.
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