China Data Table: Liquidity Survey

                      Sep   Aug    Jul   Jun   May   Apr   Mar   Feb   Jan   Dec

--------------------------------------------------------------------------------

Current      Better  26.3   0.0    0.0  31.6  78.9  21.1  40.0  10.5  35.0   0.0

Liquidity      Same  31.6   5.3    0.0  21.1  10.5  10.5  25.0   0.0  15.0  14.3

Condition     Worse  42.1  94.7  100.0  47.4  10.5  68.4  35.0  89.5  50.0  85.7

Current      Higher  15.8  10.5   42.1  15.8  10.5  73.7  65.0  73.7  25.0  57.1

Economy        Same  36.8  26.3   31.6  15.8  26.3   5.3  30.0  21.1  60.0  28.6

Condition     Lower  47.4  63.2   26.3  68.4  63.2  21.1   5.0   5.3  15.0  14.3

Current      Higher   0.0  26.3   26.3  31.6  31.6   0.0  15.0   0.0  25.0   0.0

Policy         Same  47.4  52.6   52.6  57.9  26.3  52.6  35.0  10.5  45.0  23.8

Bias          Lower  52.6  21.1   21.1  10.5  42.1  47.4  50.0  89.5  30.0  76.2

PBOC         Rising  31.6  15.8   52.6  31.6  42.1  36.8  30.0  47.4  35.0  57.1

Guidance       Same  52.6  42.1   47.4  68.4  42.1  63.2  60.0  52.6  65.0  23.8

Clarity     Falling  15.8  42.1    0.0   0.0  15.8   0.0  10.0   0.0   0.0  19.0

Rates        Rising  52.6  42.1   42.1  73.7  52.6  47.4  85.0  42.1  50.0  71.4

Outlook        Same  26.3  31.6   31.6  26.3  36.8  47.4  10.0  42.1  30.0  28.6

In 2 weeks  Falling  21.1  26.3   26.3   0.0  10.5   5.3   5.0  15.8  20.0   0.0

Rates

Outlook      Rising  36.8  47.4   47.4  47.4  57.9  78.9  65.0  57.9  80.0  81.0

Outlook        Same  52.6  31.6   31.6  10.5  15.8   0.0  30.0  15.8  15.0   9.5

In 3

months      Falling  10.5  21.0   21.0  42.1  26.3  21.1   5.0  26.3   5.0   9.5

     All above data percentages unless otherwise specified

--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: beijing@mni-news.com

--MNI Beijing Bureau; +86 (10) 8532-5998; email: vince.morkri@marketnews.com

[TOPICS: MTABLE,M$A$$$,M$Q$$$,M$$FI$]