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Repo Rates On The Rise


The PBOC matched maturities with injections, the thirtieth straight session, the last time the bank injected funds into the financial system was Feb 25, the PBOC also drained CNY 6.1bn of liquidity at the MLF operations last week, letting a total CNY 156.1bn of MLF and TMLF loans roll off, and injecting CNY 150bn. Repo rates are higher, the overnight repo rate up 5.1bps at 2.11% after rising around 17bps last week, the 7-day repo rate up 14bps at 2.2933%, above the prevailing 2.20% rate.

  • Futures are flat in China, shrugging off the broader defensive tone in the region. 10-Year at 97.765. In corporate bonds most China Huarong dollar bonds rose on Monday, building on the gains Friday following comments from China's financial regulator saying the bad-debt manager was operating normally and had ample liquidity.

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