After yesterday’s net CNY150billion liquidity injection didn’t work (in rescuing stocks), PBOC decided to more than double it tonight and the plunge-protectors injected a net CNY400 billion, sending yuan and US and Chinese equity markets soaring…
The PBOC injected CNY500b with reverse repo (380bn in 7-day repo and 120bn in 14-day repo) and accounting for CNY100bn in maturing repo, that nets to CNY400 billion liquidity injected.
Yuan soared…
The Shanghai Compoiste exploded higher after opened down over 2%…
And US equity futures are also soaring… even after GOOGL’s collapse after hours…
Plunge… Protected!
“The coronavirus is different. It is big. It is going to paralyze China … we should try and resist our inclination to buy the dip,” says @elerianm. pic.twitter.com/a3dQNuqlzV
— Squawk Box (@SquawkCNBC) February 3, 2020
Tyler Durden
Mon, 02/03/2020 – 21:02
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Author: Tyler Durden
