China Securities Journal via Bloomberg headline

  • Also says ChinaSecurities Regulatory Commission (CSRC) may approve 300bn yuan funds in Chinese Depositary Receipt (CDR) today

More:

  • Cut in RRR for some, to help repay MLF
  • Raise yields of RRs and MLFs in near future

Liquidity in China's banking system will be tighter in June (large MLFs to mature …. i.e paid back …. and forex flows outflows expected). Yield expected to increase if (when) the Fed raises in June.