MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 3

	Clarity	of PBOC	Guidance	7-day	Repo Rate	in 2 weeks	10-year	CGB yield	in 3 months
	Better	Same	Worse	Rising	Same	Falling	Rising	Same	Falling
2024
Aug	9.3	90.7	0.0	48.8	18.6	32.6	9.3	44.2	46.5
Jul	4.7	95.3	0.0	37.2	18.6	44.2	9.3	51.2	39.5
Jun	7.0	93.0	0.0	48.8	34.9	16.3	7.0	46.5	46.5
May	9.5	90.5	0.0	33.3	42.9	23.8	4.8	52.4	42.9
Apr	7.1	92.9	0.0	28.6	35.7	35.7	4.8	47.6	47.6
Mar	11.9	88.1	0.0	35.7	38.1	26.2	7.1	50.0	42.9
Feb	12.2	87.8	0.0	29.3	39.0	31.7	7.3	51.2	41.5
Jan	17.1	82.9	0.0	17.1	48.8	34.1	14.6	51.2	34.1
2023
Dec	22.0	78.0	0.0	24.4	65.9	9.8	22.0	51.2	26.8
Nov	15.4	84.6	0.0	25.6	30.8	43.6	30.8	41.0	28.2
Oct	7.7	92.3	0.0	35.9	30.8	33.3	23.1	48.7	28.2
Sep	7.7	87.2	5.1	28.2	38.5	33.3	15.4	48.7	35.9
Aug	7.7	92.3	0.0	7.7	38.5	53.8	7.7	53.8	38.5
Jul	15.4	84.6	0.0	23.1	30.8	46.2	12.8	48.7	38.5
Jun	15.8	84.2	0.0	36.8	26.3	36.8	21.1	50.0	28.9
May	13.2	86.8	0.0	44.7	26.3	28.9	28.9	47.4	23.7
Apr	15.8	84.2	0.0	52.6	21.1	26.3	31.6	44.7	23.7
Mar	13.9	86.1	0.0	52.8	22.2	25.0	38.9	44.4	16.7
Feb	17.1	82.9	0.0	37.1	40.0	22.9	31.4	45.7	22.9
Jan	8.3	91.7	0.0	33.3	13.9	52.8	36.1	16.0	30.6
2022
Dec	0.0	100.0	0.0	5.7	25.7	68.6	17.1	48.6	34.3
Nov	5.9	94.1	0.0	29.4	17.6	52.9	23.5	50.0	26.5
Oct	18.8	81.3	0.0	9.4	59.4	31.3	25.0	43.8	31.3
Sep	9.4	90.6	0.0	15.6	40.6	43.8	31.3	37.5	31.3
Aug	12.5	87.5	0.0	25.0	40.6	34.4	37.5	43.8	18.8
Jul	18.8	81.3	0.0	21.9	59.4	18.8	34.4	43.8	21.9
Jun	12.5	87.5	0.0	40.6	40.6	18.8	46.9	43.8	9.4
May	18.8	81.3	0.0	12.5	56.3	31.3	40.6	50.0	9.4
Apr	6.7	93.3	0.0	23.3	60.0	16.7	26.7	53.3	20.0
Mar	13.3	86.7	0.0	13.3	60.0	26.7	53.3	26.7	20.0
Feb	16.7	83.3	0.0	6.7	60.0	33.3	30.0	56.7	10.0
Jan	10.7	89.3	0.0	7.1	64.3	28.6	60.7	10.7	28.6
2021
Dec	7.1	92.9	0.0	64.3	28.6	7.1	64.3	25.0	10.7
Nov	7.4	92.6	0.0	63.0	22.2	14.8	63.0	25.9	11.1
Oct	14.3	85.7	0.0	71.4	21.4	7.1	64.3	25.0	10.7
Sep	14.8	85.2	0.0	70.4	18.5	11.1	14.8	40.7	44.4
Aug	11.5	88.5	0.0	46.2	23.1	30.8	7.7	46.2	46.2
Jul	16.0	84.0	0.0	56.0	32.0	12.0	8.0	48.0	44.0
Jun	20.8	79.2	0.0	20.8	45.8	33.3	12.5	66.7	20.8
May	12.5	83.3	4.2	25.0	62.5	12.5	12.5	37.5	50.0
Apr	34.8	65.2	0.0	39.1	34.8	26.1	13.0	60.9	26.1
Mar	42.9	57.1	0.0	47.6	23.8	28.6	33.3	57.1	9.5
Feb	42.1	57.9	0.0	36.8	15.8	47.4	63.2	26.3	10.5
Jan	36.8	63.2	0.0	52.6	26.3	21.1	10.5	52.6	36.8

MNI (BEIJING) - Source: MNI China Liquidity Survey

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	Clarity	of PBOC	Guidance	7-day	Repo Rate	in 2 weeks	10-year	CGB yield	in 3 months
	Better	Same	Worse	Rising	Same	Falling	Rising	Same	Falling
2024
Aug	9.3	90.7	0.0	48.8	18.6	32.6	9.3	44.2	46.5
Jul	4.7	95.3	0.0	37.2	18.6	44.2	9.3	51.2	39.5
Jun	7.0	93.0	0.0	48.8	34.9	16.3	7.0	46.5	46.5
May	9.5	90.5	0.0	33.3	42.9	23.8	4.8	52.4	42.9
Apr	7.1	92.9	0.0	28.6	35.7	35.7	4.8	47.6	47.6
Mar	11.9	88.1	0.0	35.7	38.1	26.2	7.1	50.0	42.9
Feb	12.2	87.8	0.0	29.3	39.0	31.7	7.3	51.2	41.5
Jan	17.1	82.9	0.0	17.1	48.8	34.1	14.6	51.2	34.1
2023
Dec	22.0	78.0	0.0	24.4	65.9	9.8	22.0	51.2	26.8
Nov	15.4	84.6	0.0	25.6	30.8	43.6	30.8	41.0	28.2
Oct	7.7	92.3	0.0	35.9	30.8	33.3	23.1	48.7	28.2
Sep	7.7	87.2	5.1	28.2	38.5	33.3	15.4	48.7	35.9
Aug	7.7	92.3	0.0	7.7	38.5	53.8	7.7	53.8	38.5
Jul	15.4	84.6	0.0	23.1	30.8	46.2	12.8	48.7	38.5
Jun	15.8	84.2	0.0	36.8	26.3	36.8	21.1	50.0	28.9
May	13.2	86.8	0.0	44.7	26.3	28.9	28.9	47.4	23.7
Apr	15.8	84.2	0.0	52.6	21.1	26.3	31.6	44.7	23.7
Mar	13.9	86.1	0.0	52.8	22.2	25.0	38.9	44.4	16.7
Feb	17.1	82.9	0.0	37.1	40.0	22.9	31.4	45.7	22.9
Jan	8.3	91.7	0.0	33.3	13.9	52.8	36.1	16.0	30.6
2022
Dec	0.0	100.0	0.0	5.7	25.7	68.6	17.1	48.6	34.3
Nov	5.9	94.1	0.0	29.4	17.6	52.9	23.5	50.0	26.5
Oct	18.8	81.3	0.0	9.4	59.4	31.3	25.0	43.8	31.3
Sep	9.4	90.6	0.0	15.6	40.6	43.8	31.3	37.5	31.3
Aug	12.5	87.5	0.0	25.0	40.6	34.4	37.5	43.8	18.8
Jul	18.8	81.3	0.0	21.9	59.4	18.8	34.4	43.8	21.9
Jun	12.5	87.5	0.0	40.6	40.6	18.8	46.9	43.8	9.4
May	18.8	81.3	0.0	12.5	56.3	31.3	40.6	50.0	9.4
Apr	6.7	93.3	0.0	23.3	60.0	16.7	26.7	53.3	20.0
Mar	13.3	86.7	0.0	13.3	60.0	26.7	53.3	26.7	20.0
Feb	16.7	83.3	0.0	6.7	60.0	33.3	30.0	56.7	10.0
Jan	10.7	89.3	0.0	7.1	64.3	28.6	60.7	10.7	28.6
2021
Dec	7.1	92.9	0.0	64.3	28.6	7.1	64.3	25.0	10.7
Nov	7.4	92.6	0.0	63.0	22.2	14.8	63.0	25.9	11.1
Oct	14.3	85.7	0.0	71.4	21.4	7.1	64.3	25.0	10.7
Sep	14.8	85.2	0.0	70.4	18.5	11.1	14.8	40.7	44.4
Aug	11.5	88.5	0.0	46.2	23.1	30.8	7.7	46.2	46.2
Jul	16.0	84.0	0.0	56.0	32.0	12.0	8.0	48.0	44.0
Jun	20.8	79.2	0.0	20.8	45.8	33.3	12.5	66.7	20.8
May	12.5	83.3	4.2	25.0	62.5	12.5	12.5	37.5	50.0
Apr	34.8	65.2	0.0	39.1	34.8	26.1	13.0	60.9	26.1
Mar	42.9	57.1	0.0	47.6	23.8	28.6	33.3	57.1	9.5
Feb	42.1	57.9	0.0	36.8	15.8	47.4	63.2	26.3	10.5
Jan	36.8	63.2	0.0	52.6	26.3	21.1	10.5	52.6	36.8

MNI (BEIJING) - Source: MNI China Liquidity Survey

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MNI DATA TABLE: MNI China Interbank Liquidity Index (Aug) - 3

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