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Repo Rates Fall As China Inject CNY 10bn

CHINA

The PBOC injected CNY 10bn via reverse repos, another small injection by historical standards, the second CNY 10bn injection this week – there are no maturing issues with markets having been away for LNY.

  • Repo rates fell in the wake of the injection; overnight repo rate down 43ps to 1.51%, 7-day repo rate down 19bps to 2.08%. 1-year interest rate swap falls a total of 3bps in the past two days as markets reassess perceptions of the PBOC outlook.
  • China's SASAC announced it will meet with the PBOC and CSRC to discuss how to curb bond risks among SOE's. A SASAC spokesman said bond default ratio among state companies is rising but still below the overall level, default risks are controllable. SASAC has said the local government has set up a mechanism to ensure there will not be any default no matter how companies restructure.
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