MNI DATA TABLE: MNI China Interbank Liquidity Index (Sep) - 1

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	Current Liquidity Condition Index	Current Economy Condition Index	PBOC Policy Bias Index	PBOC Guidance Clarity Index	Rates Outlook In 2W	Rates Outlook In 3M
2023
Sep	52.6	55.1	35.9	51.3	47.4	39.7
Aug	44.9	25.6	38.5	53.8	26.9	34.6
Jul	35.9	37.2	35.9	57.7	38.5	37.2
Jun	60.5	48.7	38.2	57.9	50.0	46.1
May	55.3	53.9	40.8	56.6	57.9	52.6
Apr	51.3	68.4	44.7	57.9	63.2	53.9
Mar	37.5	75.0	38.9	56.9	63.9	61.1
Feb	35.7	78.6	44.3	58.6	57.1	54.3
Jan	65.3	61.1	41.7	54.2	40.3	44.1
2022
Dec	32.9	27.1	37.1	50.0	18.6	41.4
Nov	69.1	26.5	32.4	52.9	38.2	48.5
Oct	46.9	53.1	37.5	59.4	39.1	46.9
Sep	59.4	48.4	35.9	54.7	35.9	50.0
Aug	53.1	40.6	40.6	56.3	45.3	59.4
Jul	34.4	73.4	35.9	59.4	51.6	56.3
Jun	57.8	79.7	40.6	56.3	60.9	68.8
May	12.5	18.8	42.2	59.4	40.6	65.6
Apr	30.0	26.7	45.0	53.3	53.3	53.3
Mar	63.3	21.7	43.3	56.7	43.3	66.7
Feb	10.0	36.7	40.0	58.3	36.7	58.3
Jan	33.9	28.6	42.9	55.4	39.3	66.1
2021
Dec	42.9	8.9	41.1	53.6	78.6	76.8
Nov	38.9	14.8	40.7	53.7	74.1	75.9
Oct	35.7	7.1	44.6	57.1	82.1	76.8
Sep	79.6	5.6	42.6	57.4	79.6	35.2
Aug	32.7	5.8	40.4	55.8	57.7	30.8
Jul	46.0	20.0	46.0	58.0	72.0	32.0
Jun	35.4	47.9	52.1	60.4	43.8	45.8
May	41.7	58.3	47.9	54.2	56.3	31.3
Apr	34.8	65.2	43.5	67.4	56.5	43.5
Mar	26.2	83.3	50.0	71.4	59.5	61.9
Feb	31.6	81.6	55.3	71.1	44.7	76.3
Jan	47.4	76.3	57.9	68.4	65.8	36.8
2020
Dec	15.7	90.6	50.0	68.8	71.9	37.5
Nov	43.8	87.5	65.6	56.3	53.1	81.3
Oct	78.1	93.8	65.6	62.5	71.9	75.0
Sep	75.0	90.6	59.4	65.6	75.0	65.6
Aug	84.4	87.5	68.8	71.9	65.6	43.8
Jul	68.8	90.6	65.6	65.7	75.0	56.3
Jun	81.3	78.1	59.4	71.9	87.5	68.8
May	30.0	73.3	33.3	70.0	53.3	36.7
Apr	14.3	64.3	32.1	71.4	53.6	39.3
Mar	10.0	66.7	23.4	60.0	66.7	46.7
Feb	0.0	0.0	26.7	73.3	56.7	53.3
Jan	84.6	57.7	38.5	46.2	34.6	54.5

Source: MNI China Liquidity Survey

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	Current Liquidity Condition Index	Current Economy Condition Index	PBOC Policy Bias Index	PBOC Guidance Clarity Index	Rates Outlook In 2W	Rates Outlook In 3M
2023
Sep	52.6	55.1	35.9	51.3	47.4	39.7
Aug	44.9	25.6	38.5	53.8	26.9	34.6
Jul	35.9	37.2	35.9	57.7	38.5	37.2
Jun	60.5	48.7	38.2	57.9	50.0	46.1
May	55.3	53.9	40.8	56.6	57.9	52.6
Apr	51.3	68.4	44.7	57.9	63.2	53.9
Mar	37.5	75.0	38.9	56.9	63.9	61.1
Feb	35.7	78.6	44.3	58.6	57.1	54.3
Jan	65.3	61.1	41.7	54.2	40.3	44.1
2022
Dec	32.9	27.1	37.1	50.0	18.6	41.4
Nov	69.1	26.5	32.4	52.9	38.2	48.5
Oct	46.9	53.1	37.5	59.4	39.1	46.9
Sep	59.4	48.4	35.9	54.7	35.9	50.0
Aug	53.1	40.6	40.6	56.3	45.3	59.4
Jul	34.4	73.4	35.9	59.4	51.6	56.3
Jun	57.8	79.7	40.6	56.3	60.9	68.8
May	12.5	18.8	42.2	59.4	40.6	65.6
Apr	30.0	26.7	45.0	53.3	53.3	53.3
Mar	63.3	21.7	43.3	56.7	43.3	66.7
Feb	10.0	36.7	40.0	58.3	36.7	58.3
Jan	33.9	28.6	42.9	55.4	39.3	66.1
2021
Dec	42.9	8.9	41.1	53.6	78.6	76.8
Nov	38.9	14.8	40.7	53.7	74.1	75.9
Oct	35.7	7.1	44.6	57.1	82.1	76.8
Sep	79.6	5.6	42.6	57.4	79.6	35.2
Aug	32.7	5.8	40.4	55.8	57.7	30.8
Jul	46.0	20.0	46.0	58.0	72.0	32.0
Jun	35.4	47.9	52.1	60.4	43.8	45.8
May	41.7	58.3	47.9	54.2	56.3	31.3
Apr	34.8	65.2	43.5	67.4	56.5	43.5
Mar	26.2	83.3	50.0	71.4	59.5	61.9
Feb	31.6	81.6	55.3	71.1	44.7	76.3
Jan	47.4	76.3	57.9	68.4	65.8	36.8
2020
Dec	15.7	90.6	50.0	68.8	71.9	37.5
Nov	43.8	87.5	65.6	56.3	53.1	81.3
Oct	78.1	93.8	65.6	62.5	71.9	75.0
Sep	75.0	90.6	59.4	65.6	75.0	65.6
Aug	84.4	87.5	68.8	71.9	65.6	43.8
Jul	68.8	90.6	65.6	65.7	75.0	56.3
Jun	81.3	78.1	59.4	71.9	87.5	68.8
May	30.0	73.3	33.3	70.0	53.3	36.7
Apr	14.3	64.3	32.1	71.4	53.6	39.3
Mar	10.0	66.7	23.4	60.0	66.7	46.7
Feb	0.0	0.0	26.7	73.3	56.7	53.3
Jan	84.6	57.7	38.5	46.2	34.6	54.5

Source: MNI China Liquidity Survey

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MNI DATA TABLE: MNI China Interbank Liquidity Index (Sep) - 1

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