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Chinese markets may face more volatile liquidity conditions in the second half as the PBOC reduced the size of injections, more MLFs are expected to reach maturity, and local government bond sales rise after slower-than-expected progress in H1, the Securities Times said citing analyst Ming Ming of Citic Securities. The PBOC has likely returned to its previous normal injection size since yesterday, when it conducted CNY10 billion 7-day reverse repo purchases, a quantity that had been consistent for three months, the newspaper said. The central bank had boosted the daily injection through reverse repos to CNY30 billion for about a week since June 24, signaling its intention to ensure an inter-seasonal rise in liquidity demand, the newspaper said.