CHINA RATES: China Repo Rates Fall On Friday
Jul-19 01:31
The seven-day deposit reverse repo average across China's interbank market was at 1.8000% on Friday, lower than the close of 1.8973% on Thursday, according to Wind Information. The overnight deposit reverse repo average was last at 1.8417%, lower than the previous 1.9435%.
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JGBS: Cash Bond Bear-Steepener After BoJ Minutes For April Meeting
Jun-19 01:28
In Tokyo morning trade, JGB futures have pared overnight gains and are currently -4 compared to settlement levels.
- (MNI) Some Bank of Japan board members saw the possibility that developments of foreign exchange rates could warrant monetary policy action at the April 25-26 policy meeting, despite forex rates not subject to direct control by monetary policy, the meeting minutes showed on Wednesday.
- “One of these members commented that, given factors such as the trilemma of international finance monetary policy should not be employed to achieve stability in foreign exchange rates,” the minutes showed.
- Japan posted its second straight trade deficit of JPY1.22tn, following April's JPY465.6bn. Exports posted their sixth straight y/y rise in May, up 13.5% driven by automobile and semiconductor manufacturing equipment shipments. Imports rose 9.5% in May following 8.3% in April for the second straight rise.
- The cash JGB curve has posted a mild twist-steepening, pivoting at the 7s, with yields 0.5bps lower to 2bps higher. The benchmark 10-year yield is 0.5bp higher at 0.947% versus the cycle high of 1.101%.
- The swaps curve has bear-steepened, with rates flat to 2bps higher. Swap spreads are mostly wider.
MNI: CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS
Jun-19 01:23
- CHINA PBOC CONDUCTS CNY278 BILLION VIA 7-DAY REVERSE REPOS WEDS
CNH: USD/CNY Fixing Lower Again
Jun-19 01:22
The USD/CNY fix printed at 7.1159, versus a Bloomberg consensus of 7.2491.
- Today's fixing delivered a -1292pip difference in USD/CNY terms, down from 1361pips yesterday.
- The actual fix today was 69pips tighter than Tuesday, and the lowest in about two weeks.
- USD/CNH little changed today trading at 7.2730 off earlier highs of 7.2740 with ranges comfortably within Monday's.
