Spot The Non-PBOC Intervention Days

For the first time in a week, the PBOC has decided not to intervene in the interbank liquidity market… the result so far… 7-day repo jumped 157bps to 6.5%… yep, clearly the “liquidity crisis” is behind us… as long as China does not “taper” on any given day by doing nothing instead of injecting liquidity.




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