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MNI (London)
                                 7-day                    10-year
        Clarity                   repo                 CGB yield
        of PBOC                rate in                       in 3
       Guidance                2 weeks                     months
--------------------------------------------------------------------------------
         Better  Same  Worse    Rising  Same  Falling      Rising  Same  Falling
2020
Feb        46.7  53.3    0.0      33.3  46.7     20.0        33.3  40.0     26.7
Jan         7.7  76.9   15.4      30.8   7.7     61.5        36.4  36.4     27.3
2019
Dec        23.1  76.9    0.0      76.9  23.1      0.0        46.2  46.2      7.7
Nov        33.3  66.7    0.0      25.0  33.3     41.7        44.4  33.3     22.2
Oct        16.7  83.3    0.0      33.3  41.7     25.0        58.3  33.3      8.3
Sep        41.7  50.0    8.3      78.6  14.3      7.1        25.0  33.3     41.7
Aug        30.8  69.2    0.0      38.5  46.2     15.4        30.8  46.2     23.1
Jul        28.6  64.3    7.1      21.4  28.6     50.0        21.4  35.7     42.9
Jun        58.3  41.7    0.0      75.0   8.3     16.7         8.3  25.0     66.7
May        16.7  83.3    0.0      66.7  16.7     16.7        25.0  41.7     33.3
Apr        14.3  78.6    7.1      64.3  21.4     14.3        69.2  15.4     15.4
Mar         7.1  92.9    0.0      42.9  28.6     28.6        21.4  42.9     35.7
Feb        33.3  66.7    0.0      53.3  33.3     13.3        46.7  20.0     33.3
Jan        43.8  56.3    0.0      56.3  25.0     18.8        25.0  12.5     62.5
2018
Dec         5.6  94.4    0.0      72.2  22.2      5.6        44.4  16.7     38.9
Nov        11.8  88.2    0.0      23.5  52.9     23.5        17.6  47.1     35.3
Oct        20.0  73.3    6.7      20.0  53.3     26.7        13.3  40.0     46.7
Sep        22.2  77.8    0.0      16.7  50.0     33.3        11.1  50.0     38.9
Aug        22.2  77.8    0.0      27.8  55.6     16.7        38.9  22.2     38.9
Jul        21.1  73.7    5.3      10.5  42.1     47.4        15.8  52.6     31.6
Jun        42.1  57.9    0.0      15.8  26.3     57.9        15.8  36.8     47.4
May        26.3  68.4    5.3      57.9  21.1     21.1        31.6  31.6     36.8
Apr        31.6  68.4    0.0       5.3  21.1     73.7        36.8  36.8     26.3
Mar        30.0  65.0    5.0      45.0  30.0     25.0        35.0  45.0     20.0
Jan        15.0  75.0   10.0      50.0  35.0     15.0        45.0  30.0     25.0
2017
Dec        26.3  68.4    5.3      73.7  15.8     10.5        52.6  26.3     21.1
Nov        26.3  63.2   10.5      73.7  10.5     15.8        57.9  26.3     15.8
Oct        42.1  57.9    0.0      73.7  26.3      0.0        47.4  26.3     26.3
Sep        31.6  52.6   15.8      52.6  26.3     21.1        36.8  52.6     10.5
Aug        15.8  42.1   42.1      42.1  31.6     26.3        47.4  31.6     21.0
Jul        52.6  47.4    0.0      42.1  31.6     26.3        47.4  31.6     21.0
Jun        31.6  68.4    0.0      73.7  26.3      0.0        47.4  10.5     42.1
May        42.1  42.1   15.8      52.6  36.8     10.5        57.9  15.8     26.3
Apr        36.8  63.2    0.0      47.4  47.4      5.3        78.9   0.0     21.1
Mar        30.0  60.0   10.0      85.0  10.0      5.0        65.0  30.0      5.0
Feb        47.4  52.6    0.0      42.1  42.1     15.8        57.9  15.8     26.3
Jan        35.0  65.0    0.0      50.0  30.0     20.0        80.0  15.0      5.0
2016
Dec        57.1  23.8   19.0      71.4  28.6      0.0        81.0   9.5      9.5
Nov        21.1  73.7    5.3      42.1  57.9      0.0        21.1  52.6     26.3
Oct          na    na     na        na    na       na          na    na       na
Sep         0.0  89.5   10.5      31.6  68.4      0.0        26.3  42.1     31.6
Aug        15.8  84.2    0.0      10.5  68.4     21.1        31.6  52.6     15.8
Jul         5.3  84.2   10.5       5.3  73.7     21.1        36.8  31.6     31.6
Jun        15.0  85.0    0.0      15.0  60.0     25.0        35.0  50.0     15.0
May        57.1  42.9    0.0      19.0  76.2      4.8        14.3  81.0      4.8
Apr        47.6  47.6    4.8      14.3  85.7      0.0        23.8  66.7      9.5
Mar        40.0  55.0    5.0      15.0  75.0     10.0        20.0  65.0     15.0
Feb        50.0  50.0    0.0       0.0  50.0     50.0        20.0  60.0     20.0
Jan        70.0  30.0    0.0      30.0  70.0      0.0        25.0  60.0     15.0
2015
Dec        42.9  47.6    9.5      23.8  71.4      4.8        14.3  61.9     23.8
Nov        50.0  50.0    0.0      30.0  70.0      0.0        25.0  55.0     20.0
Oct        45.0  55.0    0.0      10.0  75.0     15.0        25.0  55.0     20.0
Sep        61.9  38.1    0.0      52.4  47.6      0.0        14.3  28.6     57.1
Aug        13.6  63.6   22.7      50.0  31.8     18.2        40.9  45.5     13.6
Jul        37.5  62.5    0.0       0.0  83.3     16.7        25.0  54.2     20.8
Jun         4.3  69.6   26.1      52.2  47.8      0.0        34.8  47.8     17.4
May        25.0  75.0    0.0      16.7  54.2     29.2        12.5  66.7     20.8
Apr        59.1  40.9    0.0      13.6  59.1     27.3        18.2  59.1     22.7
Mar        13.6  86.4    0.0      22.7  40.9     36.4        27.3  40.9     31.8
Feb        68.2  27.3    4.5       0.0  22.7     77.3         0.0  36.4     63.6
Jan         0.0  90.0   10.0      35.0  35.0     30.0         0.0  30.0     70.0
     Source: MNI China Interbank Survey
--MNI Beijing Bureau; tel: +86 (10) 8532-5998; email: flora.guo@marketnews.com
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MTABLE,M$A$$$,M$Q$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com