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Repo Rates Creep Higher, Futures Under Pressure

CHINA RATES

The PBOC matched maturities with injections at its open market operations today, repo rates have crept higher with the overnight rate up 18bps at 2.3122% and the 7-day repo rate up 8bps at 2.2581%, above the PBOC's 2.20% rate but off earlier highs at 2.43%. Futures are lower, 10-year down 8.5 ticks at 99.865, even as Chinese equity markets remain under pressure. Bonds are hovering around recent highs after a broad rally in Chinese government bond markets, yesterday 10-Year yields touched the lowest since July 2020 at 2.89%.

  • Elsewhere Chinese onshore corporate bond spreads widened slightly after S&P lowered China Evergrande's credit rating by two notches to B-, elsewhere Evergrande's board decided to cancel a special dividend proposal.
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