If liquidity gets tightened again in....>

CHINA PRESS: If liquidity gets tightened again in April, bond market

expectations - which generally see the PBOC having a more relaxed monetary

policy stance than last year - will be corrected, said China Securities Journal

on Tuesday. The liquidity condition is likely to remain relaxed in the first

half of April, but will face tightening pressure in the second half because of a

large amount of tax payments, maturing Medium-term Lending Facilities loans and

rising issuances of local government bonds, the report said. Whether the

liquidity condition will remain relaxed at that time will tell bond investors

more about PBOC's monetary policy stance, the report said.