The seven-day deposit reverse repo average across China's interbank market was at 1.8696% on Friday, higher than the close of 1.8201% on Thursday, according to Wind Information. The overnight deposit reverse repo average was last at 1.5511%, lower than the previous 1.5543.
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Tsys have marginally extended losses in recent dealing, this comes alongside the greenback ticking marginally higher. This leaves cash tsys 1-2bps cheaper across the major benchmarks. TYU3 deals at 113-07+, -0-02+, at the base of the 0-04+ range.
Expectations of sustained strong pricing at auctions proved accurate, as the possible negative factors mentioned in our auction preview did not significantly hamper the overall strength of bidding.
The USD/CNY fix printed at 7.1795, versus a Bloomberg consensus of 7.1774.