China onshore IRS are lower after the PBOC injected CNY143 billion into the money market via reverse repo. The one-year IRS is 3 bps lower at 2.54%-2.64%, and the five-year IRS is down 3 bps at 2.77%-2.87%. "The market is generally steady as swaps have already priced-in around a 70% possible impact of further monetary easing in the near term," says a Shanghai-based foreign bank trader. The PBOC offered CNY105 billion worth of 14-day reverse repo and CNY38 billion worth of 7-day repo to ease tight liquidity conditions in the market. The market has high expectations that the PBOC will cut the reserve requirement ratio in the near term.
Find us on Google+
No comments:
Post a Comment