China onshore IRS are higher. The one-year IRS is up 2 bps at 3.16%-3.26% and the five-year IRS is up 1 bp at 3.37%-3.47%. The benchmark seven-day repo rate is 19 bps higher at 3.35%. However, a Shanghai-based local bank trader says the swaps have limited upside as the central bank is expected to inject liquidity into the market Thursday via offering reverse repos.
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