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Repo Rates Invert For Second Time In Past Two Weeks

CHINA RATES

Futures slightly higher in China, 10-Year future up around 4 ticks at 99.87 and hugging a narrow range. Equity markets in the region have seen muted moves compared to peers, but have managed to sustain positive territory.

  • The PBOC matched maturities with injections, the overnight repo rate is higher, up 2.2808%, the 7-day repo rate is lower by around 1.8bps at 2.2121%, the second time in the past two weeks the rates have inverted. Markets digest comments from PBOC Governor Yang late on Monday, he said the Central Bank would increase credit support to the economy and SME's in particular. There were a few pieces doing the rounds from China dailies, including one from Minister of Commerce Wang that China could consider a smaller negative list to attract foreign capital.
  • There was a piece in China's People Daily which said that China should adopt a more proactive macroeconomic policy to support the economy and maintain the sustainability and stability of its policies.
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