China onshore IRS are a tad higher. The one-year IRS is up 2 bps at 3.31%-3.41% and the five-year IRS is 1 bp higher at 3.53%-3.63%. The seven-day repo rate is 15 bps higher at 3.04%. IRS will likely remain well supported as inflation is expected to pick up next year; the PBOC's vice governor Yi Gang was quoted by the Shanghai Securities News earlier this week that inflation rate for 2013 should come within the 4% level vs the central bank's 2.7% forecast for this year. China's November CPI likely rose 2.1% on-year in November vs a 1.7% rise in October, according to the median forecast of 15 economists polled by Dow Jones Newswires; the data will be released this coming Sunday.
Find us on Google+
No comments:
Post a Comment