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Interbank rates in China and Hong Kong........>

CHINA
CHINA: Interbank rates in China and Hong Kong continue to decline as the PBOC
refrain from injecting funds via OMO's for the 11th straight day.
- One month HKD Hibor drops 8bp, biggest drop since January 2009
- One month Shibor at 4.2886% down from 4.9352% at the start of the year.
- A total of CNY410bln will roll off this week.
- Recent article in the China Securities Journal posits that the PBOC could
resume open market operations later in January after tax payments at the start
of the year hits liquidity levels and companies begin setting aside provisions
for the Lunar New Year.

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