CHINA: Central Bank Withdraws CNY500.2bn via OMO
The PBOC's continues to with draw liquidity, taking the year to date withdrawal to almost CNY1.7tn in just four days operations with early signs that there may be some upward pressure on repo rates.
- The PBOC issued CNY28.6bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY528.8bn.
- Net liquidity withdrawal CNY500.2bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.43%, from prior close of 1.43%.
- The China overnight interbank repo rate is at 1.27%, from the prior close of 1.40%.
- The China 7-day interbank repo rate is at 1.44%, from the prior close of 1.48%.
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CHINA: Central Bank Injects CNY14.7bn via OMO
Last week the PBOC withdrew 7-day liquidity, adding 3-month liquidity. The week ahead has (relative to last) a more moderate redemption schedule and likely to see the resumption of some moderate injections.
- The PBOC issued CNY122.3bn of 7-day reverse repo at 1.4% during this morning's operations.
- Today's maturities CNY107.6bn.
- Net liquidity injects CNY14.7bn.
- The PBOC monitors and maintains liquidity in the interbank system through the issuance of reverse repo.
- The CFETS Pledged Repo Deposit Institutions 7 Day Weighted is at 1.40%, from prior close of 1.43%.
- The China overnight interbank repo rate is at 1.31%, from the prior close of 1.31%.
- The China 7-day interbank repo rate is at 1.40%, from the prior close of 1.40%.
MNI: CHINA PBOC CONDUCTS CNY122.3 BLN VIA 7-DAY REVERSE REPO MON
- CHINA PBOC CONDUCTS CNY122.3 BLN VIA 7-DAY REVERSE REPO MON
CNH: USD/CNY Fixing Error Positive Trend Continues, USD/CNH Steady
The USD/CNY fix printed at 7.0764, versus a BBG market consensus of 7.0739. This leaves the fixing error remaining positive, today at +25pips but down from Friday. This continues to point to a steady outlook for the yuan. Spot USD/CNH is a little lower post the fixing, last around 7.0673/677. Recent highs are just above 7.0800, in terms of a potential upside focus point.
