China January auto sales +9.27% y/y

China vehicle sales for January +7.72% y/y (up 15.4% y/y in December)

• Auto sales were +9.27% y/y

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On the CNH, the overnight HIBOR jumped to 9.27% today, up 480 bps from yesterday. This may be indicative of the PBOC again intervening in the market to squeeze yaun shorts.