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USD/CNH Spikes On PBoC 7-day Repo Rate Cut, Onshore Yields Soften Further

CHINA

The PBoC has announced it has cut the 7-day reverse repo rate to 1.90% from 2.00%. This is the first cut in the rate since August 2022. The move follows increased speculation around potential for easier policy settings in recent weeks as the economic recovery has faltered. This move may increase speculation we see a cut to the 1yr MLF rate on Thurs, with chatter of a potential 5-10bps move.

  • Not surprisingly, USD/CNH has spiked higher on the news, getting close to 7.1750, but we sit back closer to 7.1680/90 now. Onshore bond yields are lower, the 10yr yield extending its recent move down. Last at 2.64%, lows back to September last year. The 2yr was last just under 2.08% -2bps.
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