ICYMI - China rate cut. The 14-day reverse repos rate dropped to 2.15%, from 2.25%

The People's Bank of China has cut the rate on its 14-day open market operations reverse repo from 2.25% to 2.15%

7-day RRs remain at 2.0%.

On Tuesday, the 20th, the PBOC will set one- and five-year loan prime rates. Given the MLF rate remained steady last week there is no change expected to the LPR rates tomorrow:

• PBOC inject 400bn yuan in one year MLF (600bn mature) - rate unchanged