People's Bank of China skips open market operations today

  • As they did yesterday and Friday
  • Statement from the Bank saying liquidity level is relatively high due to high fiscal expenditure

Accounting for maturities this is a net drain of 10bn yuan today

Yuan set weaker today.

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Still to come from China today:

0130GMT Industrial Profits for May

  • prior +14% y/y

030GMT Premier of China Li Kequiang speaking at the World Economic Forum's Annual Meeting of the "New Champions", in Dalian