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Market News Topics
August 30, 2021 04:39 GMT
Rising Tide Lifts Asia Bonds
ASIA RATES
- INDIA: Yields lower in early trade, tracking a move in US tsys. The RBI sold INR 340bn on debt on Friday against an INR 310bn target, the auctions were taken down smoothly with primary dealers able to avoid having to mop up the sales. RBI Governor Das spoke on Friday and reassured markets that the RBI will telegraph any shifts in policy stance well in advance of making any changes, and added the Bank is in no hurry to remove monetary accommodation. Markets look ahead to GDP data and fiscal deficit figures due tomorrow.
- SOUTH KOREA: Futures higher in South Korea, the gains follow a rise in US tsys after a less hawkish than expected appearance from FOMC Chair Powell at Jackson Hole on Friday. Futures are still off highs seen post-BOK last week, with markets now assessing the prospect of further hikes in 2021 after initially interpreting the 25bps rate increase with one dissenter as a so-called "dovish hike". There are two meetings left in 2021, chatter seems to be that the presence of one dissenter means back to back hikes are unlikely but the December meeting could be on the table. On Friday the MOF announced it would sell KRW 11tn of bonds in September and would purchase KRW 2tn of bonds from the market. In August the MOF sold KRW 16tn of bonds against plans to sell KRW 12.5tn. 30-Year sale was taken down smoothly.
- CHINA: The PBOC injected a net CNY 40bn of liquidity into the system via OMOs today, the fourth straight day of injections bringing the total to CNY 160bn. The PBOC has reiterated that the injections are to ensure liquidity into month end and should not be seen as easing, the Central Bank injected a net CNY 40bn at the end of July and CNY 100bn at the end of June. Repo rates are lower, but the 7-day repo rate at 2.33% is still slightly above the prevailing 2.20% PBOC rate. Futures rose with the move higher accelerating after equity markets gave back early gains. Elsewhere China will accelerate the issuance of local government special bonds moderately to ensure substantial work at the end of this year and early next year, the 21st Century Business Herald reported. Meanwhile Huarong finally got round to releasing earnings on Sunday, the report showed a loss of CNY 102.9bn while the firm cut shareholder equity by nearly 85%. The firm's key capital level was substantially below regulatory requirements as of June
- INDONESIA: Yields lower across the curve tracking a move in US tsys after a less hawkish appearance from FOMC's Powell on Friday. The government is expected to provide an update on movement restrictions later today, the country reported 599 COVID-19 deaths on Friday, the lowest since July 5. Markets look ahead to tomorrow's bond auction as well as CPI data later this week, a Central Bank survey sees CPI up 0.01% M/M.
To read the full story
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Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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