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CHINA: PBOC Injects CNY386bn 7-day Rev. Repo During OMO

Aug-25 01:25

The PBOC announced that it plans to Conduct 500b Yuan of 1-Year MLF on Aug. 25.  The PBOC says the move aims at keeping the banking system liquidity ample, according to a statement.   The PBOC will also conduct overnight reverse repo operations from Aug. 27-Sept. 1, capping daily volumes at 600 billion yuan, according to a central bank statement.

Repo rates have started to edge up this week, prior to the various liquidity injections.

  • The PBOC Issued CN386 bn of 7-day reverse repo at 1.4% during this morning's operations.
  • The PBOC issued CNY 0 bn O/N reverse repo
  • Total maturities today CNY 0 bn 7-day and CNY0bn O/N
  • Net Liquidity injection CNY386bn.
  • The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
  • The CFETS Daily Pledged Repo DR007 Wgtd Rate's is 1.45% following the last close of 1.4339%.
  • The China overnight interbank repo rate is at 1.4383%, from the prior close of 1.3983%.
  • The China 7-day interbank repo rate is at 1.45% from last close of 1.4417%
  • The 2-Yr NDIRS is at 1.4075% having closed last at 1.4050%.
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CNH: USD/CNY Fixing Up For 3rd Straight Session, USD/CNH Supported Sub 6.7200

Aug-25 01:24

The USD/CNY fixing edged a little higher to 6.7852, against Monday's 6.7841 outcome. The USD/CNY fixing has now risen in the past three sessions. Today's market estimate was 6.7239 (per BBG) (little changed from Monday's estimate), leaving the fixing error at +613pips, slightly wider than Monday's outcome. Today's fixing error was the widest since end Feb this year. USD/CNH spot is little changed so far today, last near 6.7215. Earlier lows (6.7188) were supported. 

MNI: CHINA PBOC CONDUCTS CNY386 BLN VIA 7-DAY REVERSE REPO TUES

Aug-25 01:22
  • CHINA PBOC CONDUCTS CNY386 BLN VIA 7-DAY REVERSE REPO TUES