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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.