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(Z1) Off Lows, But Remains Weak

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Still Vulnerable

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Bullish Price Sequence

     BEIJING (MNI) - The People's Bank of China injected CNY30 billion in
seven-day reverse repos and CNY20 billion in 28-day reverse repos via
open-market operations Thursday, Wind Information, a Shanghai-based financial
data provider, said.
     This resulted in a net drain of CNY190 billion for the day, the biggest net
drain since Dec. 6, as a total of CNY240 billion in reverse repos mature on
Thursday. 
     The CFETS-ICAP money-market sentiment index ended at 48 on Wednesday, down
from 54 at Tuesday's close. The lower the reading the better the liquidity
conditions in the interbank market.
     The PBOC is expected to make an official announcement on its official
website about this morning's OMO around 9:45a.m., Beijing time.
     The benchmark seven-day repo average was last at 2.6762%, compared with
2.9457% on Wednesday.
--MNI Beijing Bureau; +86 10 85325998; email: he.wei@marketnews.com
--MNI BEIJING Bureau; +1 202-371-2121; email: john.carter@mni-news.com
[TOPICS: MMQPB$,M$A$$$,M$Q$$$,MN$MM$]