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RBI Holds Rates, Yields Rise

ASIA RATES
  • INDIA: The RBI voted to keep rates on hold and retain the accommodative stance. Interest rates are unchanged for a seventh straight meeting, the Bank reiterated the focus remains bringing the economy back on growth path, rather than controlling inflation as fears of a third wave loom large. Das was largely upbeat about the economy, acknowledging the recovery was fragile but said consumption should pick up with vaccinations, he said inflation was a concern but was transitory. The MPC voted 5-1 to keep rates unchanged.Yields rose in the immediate aftermath of the announcement despite the dovish tone, potentially factoring in a dissenter at the meeting or possibly some scepticism over the transitory inflation narrative.
  • SOUTH KOREA: Futures are lower, on track for a third session of declines. Equity markets in South Korea are slightly lower on the day. The cash space has twist flattened. On the coronavirus front there were 1,704 new cases in the past 24 hours, in the 1,700s for a third day. It was reported earlier that South Korea will extend its tough social distancing restrictions for two more weeks through Aug. 22.
  • CHINA: The PBOC injected CNY 10bn of liquidity into the system via OMOs today, equating to a net drain of CNY 20bn. Repo rates have risen slightly but are within recent ranges, overnight rate up 13bps at 1.8305%, 7-day repo rate is up 3.9bps at 1.989%. Futures are lower but off worst levels as equity markets struggle. There were reports that local government bond sales will increase in August and September due to slower issuance in the first seven months.
  • INDONESIA: Yields higher across the curve today, FinMin Indrawati said that economic expansion could hit the upper end of the government's +4.0%-5.7% Y/Y forecast range this quarter if the outbreak of coronavirus Delta variant is contained. Econ Min Hartarto noted that GDP growth could top +5.0% Y/Y in Q4. This followed Indonesian Q2 GDP data beating expectations yesterday, as the economy grew 7.07% Y/Y. On the data front, focus turns to Indonesia's consumer confidence data. Danareksa Research's gauge is expected to hit the wires today.
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