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WTI Edges Off A Fresh Cycle High


US Futures Moderate as S&P500 Approaches Record High

     BEIJING (MNI) - The People's Bank of China skipped its open-market
operations on Friday, saying that the liquidity conditions in the banking system
was at a "relatively high" level, given an increase in fiscal spending toward
the year-end that can hedge the impact of maturing reverse repos and push up the
banking system liquidity level.
     This resulted in a net drain of CNY80 billion for the day, as a total of
CNY80 billion in reverse repos mature on Friday. 
     The PBOC has injected a total of CNY200 billion into the banking system via
its reverse repos this week.
     The CFETS-ICAP money-market sentiment index ended at 41 on Thursday, down
from 44 at Wednesday's close. The lower the reading the better the liquidity
conditions in the interbank market.
     The benchmark seven-day repo average was last at 2.6688%, compared with
2.8214% on Thursday.
--MNI Beijing Bureau; +86 10 85325998; email:
--MNI Beijing Bureau; +86 (10) 8532-5998; email: