PBoC's internal meeting minutes recommended that China's January new loans are likely to surpass 2 trillion CNY, a record high, as compared with 1.47 trillion CNY in January 2015. Increased onshore borrowing has strengthened the funding demand in onshore market as well as, it appears to be that Chinese corporates have repaid some of the offshore USD borrowing and turned to the onshore market for CNY funding, further tightened up onshore liquidity conditions. Beijing's continuous intervention in FX market has worsened the CNY liquidity conditions, while China's 10-year government bond yields increased by 10-12bps in the past week.
The central bank injected 440 billion CNY money via reverse repos this morning, to further ease liquidity tightness, after funding 1.4trillion CNY in the last week.
"Past experience suggests that overall liquidity conditions will remain tight in general before the Chinese New Year" - Commerzbank


Meta-backed research finds exposure to ‘untrustworthy’ social media is rare. The fine print is less reassuring
Gold Shines on Oil Relief: Buy Dips at $4160, Targeting $4305 as Bullish EMAs Dominate
3 clinical-grade skincare creams you really shouldn’t buy online
‘Vibe coding’ is fun and easy, but there’s a major catch
Gold Slips Below $4050 as Bond Yields Surge to 4.7% on Fed Inflation Concerns – Sell Rallies at $4060 Targeting $3940
Ukraine’s drone strikes are having an impact on Russia — but Russian leaders remain committed to war
Is Netanyahu’s star waning in Washington? His latest meeting with Trump suggests it may be
How an OpenAI safety test became a real-world cyberattack on the Hugging Face platform
SpaceX Earnings Preview: Bernstein Says 4 Key Factors Will Drive Long-Term Valuation




