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China's monetary policy is expected.....>

                                            CHINA PRESS: China's monetary policy is expected to remain neutral and balanced
                                            after the Chinese New Year, reported Securities Times on Friday.
                                            - Liquidity remains stable and is slightly loose after the PBOC on Thursday
                                            injected CNY350 billion liquidity into the market via open market operations.
                                            Non-bank institutions still face pressure in terms of money supply.
                                            - As the Chinese New Year holiday ends, tools which were used to inject
                                            liquidity will steadily be withdrawn, increasing liquidity uncertainty.
                                            - However, most financial institutions predict stability in liquidity after the
                                            holiday. In the short term, the PBOC is expected to inject liquidity to maintain
                                            stability in the money market rate.
                                            - The PBOC stated the benefits of increasing the rate of OMOs in its
                                            fourth-quarter monetary policy report. The market expects that the central bank
                                            will likely continue increasing OMO rates this year.
                                            ***COMMENTS: The PBOC is likely to increase OMO rates or even the benchmark
                                            interest rates this year, especially while the US Fed is expected to keep
                                            increasing interest rates.

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