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1 month ago | 
bloomberg.com | Iris Ouyang |Shulun Huang
The People’s Bank of China’s support for the yuan is expected to keep banks’ funding pressure elevated in the next few weeks, as a liquidity crunch pushed a key gauge of their short-term borrowing to the highest level since June. The yield of one-year AAA-rated negotiable certificates of deposit, funding instruments issued by banks, surpassed 2% this week, according to data compiled by Bloomberg. That’s a level widely watched by traders, and an eight-month high.
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2 months ago | 
bloomberg.com | Masaki Kondo |Shulun Huang
Hong Kong banks borrowed the largest amount of short-term cash in more than five years on Tuesday, as they sought to keep up with a booming demand for local equities. The Hong Kong Monetary Authority — the city’s de-facto central bank — loaned out HK$5.5 billion ($707 million) through its discount window, the most since December 2019, according to data compiled by Bloomberg.
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2 months ago | 
ca.finance.yahoo.com | Masaki Kondo |Shulun Huang
(Bloomberg) -- Hong Kong banks borrowed the largest amount of short-term cash in more than five years on Tuesday, as they sought to keep up with a booming demand for local equities.
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2 months ago | 
bloomberg.com | Iris Ouyang |Shulun Huang
China’s bond frenzy may be close to fizzling out as yields on long-term sovereign notes trade at the deepest discount in more than a decade to the cost of investors’ favorite financing tool. The yield on 30-year bonds slumped 10 basis points below the overnight interbank rate this week, the biggest discount since December 2013.
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2 months ago | 
ca.finance.yahoo.com | Iris Ouyang |Shulun Huang
(Bloomberg) -- China’s bond frenzy may be close to fizzling out as yields on long-term sovereign notes trade at the deepest discount in more than a decade to the cost of investors’ favorite financing tool. • None SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May• None Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank SaysThe yield on 30-year bonds slumped 10 basis points below the overnight interbank rate this week, the biggest discount since December 2013.
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Jan 13, 2025 | 
hk.news.yahoo.com | Shulun Huang
【彭博】-- 中國央行剎住債牛並支撐人民幣匯率的舉措，正逢跨年資金面的考驗。隨著本周以來貨幣市場利率跳漲，銀行間7天期回購利率與政策利率之差達到近四年來最大。 7天期質押式回購利率周一漲幅創15個月來最大，周二早盤進一步小幅上漲至2.23%附近，與公開市場7天逆回購利率之差走闊至逾70個基點，為2021年2月以來最大。隔夜品種則攀升至1.96%，為去年8月以來的盤中新高。 據多位來自銀行和券商的資金交易員稱，周二早盤銀行間市場流動性緊張狀況進一步加劇，央行公開市場逆回購淨投放後資金緊張的情況仍未緩解。交易員稱，各類機構融出減少，資金供不應求，銀行隔夜拆借成交價格最高來到2.4%一線，非銀機構隔夜成交價格高達3.8%。 中國央行上周宣布階段性暫停在公開市場買入國債，在阻止國債殖利率持續下行的同時維穩匯率，以防止美中利差進一步擴大。然而，1月是傳統繳稅大月，且本周有逾1萬億元人民幣的逆回購和中期借貸便利(MLF)到期，疊加春節前的現金需求，銀行間流動性面臨考驗。...
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Dec 10, 2024 | 
bloomberg.com | Iris Ouyang |Shulun Huang
China’s money market is signaling expectations of bold monetary easing by Beijing as it braces for the risk of trade tensions with the US under a Donald Trump administration. The nation’s one-year interest-rate swaps, a popular hedging tool sensitive to rate expectations, fell to the lowest since May 2020 this week. China’s benchmark bond yields also tumbled to a fresh record low after the Politburo pledged “moderately loose” monetary policy in 2025 in its first policy pivot in nearly 14 years.
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Dec 10, 2024 | 
bnnbloomberg.ca | Iris Ouyang |Shulun Huang
(Bloomberg) -- China’s money market is signaling expectations of bold monetary easing by Beijing as it braces for the risk of trade tensions with the US under a Donald Trump administration. The nation’s one-year interest-rate swaps, a popular hedging tool sensitive to rate expectations, fell to the lowest since May 2020 this week.
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Dec 10, 2024 | 
hk.news.yahoo.com | Shulun Huang
Shulun Huang 2024年12月10日 下午8:30 【彭博】-- 受到中國貨幣政策立場轉向影響，對利率預期敏感的熱門對沖工具1年期利率互換(IRS)本周大幅下行，自2020年以來首次盤中跌破1.50%關口，投資者進一步加碼押注政策寬鬆空間。 彭博數據顯示，周三盤初1年期利率互換仍在1.50%附近，上日盤中曾一度跌至1.4825%，刷新2020年5月以來新低。1.5%是中國短期政策利率——公開市場7天逆回購操作的利率水平，隨著周一中央政治局會議傳達出寬鬆加碼的信號，IRS跌破這一關鍵水平，體現貨幣政策的轉向推動投資者押注，未來監管將通過降準降息等工具來提振經濟復甦。 「現階段市場定價較為激進，政策利率從目前水平下調的可能性較高，」紐約梅隆銀行資深亞太市場策略師Wee Khoon Chong表示，如果中國的經濟成長動能減弱，預期政府將準備通過各種工具進行寬鬆，進一步放鬆貨幣政策的時間節點或是2025年，可能不會是2024年年底。...
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Dec 2, 2024 | 
hk.news.yahoo.com | Shulun Huang
【彭博】-- 在中國10年期國債殖利率下破2%關鍵點位之際，同業存單利率亦加速下行。市場利率定價自律機制發布新倡議後，進一步引爆存單市場，市場對短端資產配置料將增強。 彭博匯總數據顯示，銀行間1年期AAA級同業存單(NCD)利率周一下行近9個基點，創下近一年來最大跌幅，並連跌七日至1.7%附近，為2020年5月來新低；3個月至9個月期品種亦大幅走低。 上周五盤後中國央行稱市場利率定價自律機制工作會議召開，規範金融機構定價，並針對非銀同業活期存款，提出其利率應參考公開市場7天逆回購操作利率。華泰證券研究報告預計，部分基金和理財的活期存款利率下降20-30個基點左右，將有助於央行理順政策利率傳導，降低銀行負債成本。 針對資金面和債市所受的影響，多位分析人士則表示，上述倡議落地，疊加政府債供給壓力緩解，將推動資金從同業存款更多進入到短債、存單以及資金市場，令利率曲線進一步下行。 華僑銀行駐新加坡策略師Frances Cheung指出，考慮到NCD利率高於存款利率以及其他貨幣市場利率，本次調整可能對NCD利率產生普遍的下行壓力，使其與其他融資成本更好地保持一致。...
