PBOC Speaks, Says Liquidity "Ample"

Hardly the white flag of surrender before the feral hogs the markets were expecting, especially since the PBOC just blamed liquidity conditions on "seasonal factors."

• PBOC OFFICIAL SAYS FINANCIAL MARKET STABLE THIS YEAR
• PBOC OFFICIAL SAYS MONEY MARKET FLUCTUATIONS TEMPORARY
• PBOC OFFICIAL SAYS SEASONAL FACTORS TO GRADUALLY DISAPPEAR
• PBOC OFFICIAL SAYS TO CLOSELY WATCH LIQUIDITY CONDITIONS
• PBOC OFFICIAL SAYS TO STEP UP COMMUNICATION TO GUIDE RATES

And the most important:

• PBOC OFFICIAL SAYS LIQUIDITY AMPLE
• RECENT SURGE IN CHINA MONEY RATES TEMPORARY, PBOC’S LING SAYS
• CHINA’S LIQUIDITY RISK IS CONTROLLABLE, PBOC’S LING SAYS

Oh well: back to the rumor drawing board. But for today, the goal was achieved - both Chinese stocks and European and US futures ramped on the usual bullshit, with China erasing a 5.8% drop closing just 0.2% lower and S&P futures now at the session highs on absolutely nothing.