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The PBOC drained CNY 90bn of liquidity today, continuing to drain the pre-Golden Week liquidity injection. Repo rates are within recent ranges, the overnight rate down 6.19bps at 2.0881%, 7-day repo rate up 1.27bps at 2.1627%. Futures have risen again higher for a second day after sliding in October. Speculation is abound that an RRR cut could come as soon as October, as does chatter of an MLF injection, both theories have gathered weight by the latest USD/CNH fixing today where the PBOC indicated a preference for a weaker yuan. Futures have ignored PPI data that showed factory places rose at the fastest pace since 1995, and instead are supported by slightly slower CPI and an overnight move higher in US treasuries.