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The 7-day deposit reverse repo..........>

CHINA RATES
CHINA RATES: The 7-day deposit reverse repo average in China's interbank market
was 2.6563% on Wednesday, lower than 2.8095% on Tuesday, according to Wind
Information. Overnight deposit reverse repo average was last at 2.4110%, lower
than 2.4612% on Tuesday. 
- There is now little doubt that the PBOC's monetary policy has an easing bias.
According to the China Securities Journal, the official policy on liquidity has
changed from "steady and prudent" to "proper and sufficient," confirming a
looser monetary policy as of last Wednesday's executive meeting of the State
Council.
- China's 1-year interest rate swaps edged slightly higher today but the trend
remains lower, with the spread over the US declining rapidly and largely
explaining the yuan's recent collapse. 

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