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China Property Tax Implementation Inevitable: Yicai

     BEIJING (MNI) - The People's Bank of China skipped its open market
operations on Tuesday, the third consecutive day of inaction, saying liquidity
conditions in the interbank market remain at a "relatively high level" that can
absorb the impact of maturing reverse repos.
     The lack of new repos resulted in a net drain of CNY170 billion for the
day, as a total of CNY170 billion in reverse repos mature on Tuesday. 
     There will be a total of CNY780 billion in reverse repos maturing this
week. In addition, a total of CNY188 billion in Medium-term Lending Facilities
(MLF) loans will mature on Thursday.
     The CFETS-ICAP money-market sentiment index ended at 37 on Monday, up from
32 at Friday's close. The lower the reading the better the liquidity conditions
in the interbank market.
     The benchmark seven-day repo average was last at 2.6503%, compared with
2.7743% on Monday.
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--MNI BEIJING Bureau; +1 202-371-2121; email: