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     BEIJING (MNI) - The People's Bank of China skipped its open-market
operations on Monday, saying that an increase in fiscal spending toward the
year-end that can hedge the impact of maturing reverse repos.
     This resulted in a net drain of CNY120 billion for the day, as a total of
CNY120 billion in reverse repos mature on Monday. 
     A total of CNY290 billion reverse repos are maturing this week. 
     The PBOC injected a total of CNY200 billion into the banking system via its
reverse repos last week.
     The CFETS-ICAP money-market sentiment index ended at 43 on Friday, up from
41 at Thursday's close. The lower the reading the better the liquidity
conditions in the interbank market.
     The benchmark seven-day repo average was last at 2.6967%, compared with
2.7649% on Friday.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: rich.dirks@marketnews.com
[TOPICS: MMQPB$,M$A$$$,M$Q$$$,MN$MM$]