(Comments from Goldman Sachs follow below)

  • In Open Market operations, the People's Bank of China injects 250bn yuan via 7-day reverse repos

Another strengthening of the CNY against the USD today, along with a large injection of funds into the money market

Maturing reverse repos will drain 190bn from the system this week

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A little earlier ... Goldman Sachs have raised their Q2 China GDP growth forecast to 7% q/q annualized (from previous 6.3%)

  • Citing domestic stimulus to infrastructure investment & property, and an improved external environment