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Corrective Rally


A busy day on the data front


Key Near-Term Resistance Exposed


(U1) Extends Gains

     BEIJING (MNI) - The People's Bank of China injected CNY140 billion in
seven-day reverse repos and CNY130 billion in 14-day reverse repos via
open-market operations Friday, according to Wind Information, a Shanghai-based
financial data provider.
     This resulted in a net injection of CNY180 billion, as a total of CNY90
billion in reverse repos mature on Friday. 
     The PBOC has injected a net of CNY40 billion via its open market operations
this week.
     The CFETS-ICAP money-market sentiment index ended at 52 on Thursday, up
from 47 at Wednesday'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 2.6585%, compared with
2.9376% on Thursday.
--MNI Beijing Bureau; +86 10 85325998; email:
--MNI Beijing Bureau; +86 10 8532 5998; email: