The PBOC withdrew liquidity again today ahead of sizeable maturities in the days ahead. Money market / repo rates have largely moderated from prior highs and with the equity market volatility muted, the liquidity need is seemingly reduced.

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The stabilization of money markets and the grind lower in the 10-Yr was enough to bring about a withdrawal of liquidity via this morning's OMO despite a strong pipeline of maturities ahead.
The China 7-day interbank repo rate is at 1.42%, from the prior close of 1.46%.
