PBoC Emits 1 Trillion Yuan in 5 Days

Bloomberg on April 19: PBOC Injects Most Funds in Two Weeks to Meet Demand for Cash
Maturing MLFs, tax payments and payments toward their required reserves will drain more than 1 trillion yuan from the financial system in April, Huachuang Securities Co. estimated this month.

iFeng today: PBoC Emits 1 Trillion Yuan in 5 Days (央行逆回购加MLF操作 5天放水超万亿)
the central bank open market continuing large-scale reverse repurchase, a total of 140 billion. Plus MLF and last week three days reverse repo operations conducted yesterday, the central bank to the market within 5 days water 1.102 trillion.

China's central bank open market today will be 140 billion yuan 7-day reverse repurchase operations. In addition, the open market today, there are 90 billion yuan 7-day reverse repurchase expired. Today, Shanghai shibor overnight and weekly rates eased.

Yesterday, the central bank open market 180 billion yuan 7-day reverse repurchase operations, funds due 30 billion. While 18 financial conduct MLF total of 267 billion yuan operating mechanism. Last week, the central bank Wednesday to Friday 2500,2600 and 2400 were carried out 7 days reverse repo billion, net invested 635 billion.

In the market liquidity is tight, closely watched central bank action.

...CITIC Securities fixed income team analysts believe that this week the central bank liquidity would have been a stressful situation but also due to hedge reverse repo huge, difficult to achieve significant volume of liquidity, or financial tensions will continue . The central bank through reverse repo 7 days with MLF to market liquidity the central bank and the market reflects the game between the RRR is not available on short-term liquidity to continue to repurchase release with MLF based.

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