bearish
China Bond Yields: An Update
SUMMARY
- The market was taken aback by the news that the People's Bank of China (PBOC) cut the 7-day reverse repurchase rate by 10 basis points to 1.90% on Tuesday, 13th June 2023.
- This was the first cut in the reverse repo rate since August 2022.
- The cut was unexpected as most analysts had expected the PBOC to keep rates on hold until later this month and cut by 5 bps.
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