China onshore IRS are down. The one-year IRS falls 1 bp to 3.14%-3.24% and the five-year IRS is down 1 bp at 3.36%-3.46%. The PBOC offered CNY186 billion of reverse repos in Tuesday's operation, which is one-third less than what it offered a week earlier. A Shanghai-based local bank trader says this suggests the central bank is satisfied with the money market's current liquidity conditions and the funding rates may remain at comfortable levels in the near term.
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