China are well and truly back from their week long holiday, they returned yesterday with more stimulus announcements and a cut to the price of the onshore yuan
- and today, doing it again
People's Bank of China has skipped open market operations again today
- with maturing reverse repos its a net drain of 60bn yuan
On the weekend the Bank cut the RRR (effective from October 15). An indication of boosting liquidity …. and meanwhile they send this signal draining liquidity …. as they did on Monday … Doing it again …
more to come
