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ANZ note that "China's issuance of special local government bonds (SLGB) will accelerate further in the remainder of October and into November, as the Ministry of Finance mentioned in their Q3 press conference. This has spurred expectations of a pick-up in infrastructure investment. However, we believe a large increase in infrastructure investment is unlikely due to reduced fiscal efficiency and rising PPI inflation. Instead, the increase in SLGB issuance will have a larger impact on market liquidity, especially if we consider the massive issuance of China Government Bonds in the rest of 2021. We see heightened uncertainty re: near-term market liquidity."