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Recent Gains Considered Corrective

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Bearish Focus

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(U1) Bearish Engulfing Candle Still In Play

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(U1) Trading Closer To Recent Lows

     BEIJING (MNI) - The People's Bank of China (PBOC) skipped open market
operations (OMOs) on Monday, leaving liquidity unchanged, with CNY451.5 billion
in medium-term lending facilities (MLF) maturity offset by the PBOC's reserve
requirement ratio (RRR) cut. No reverse repos mature today, according to Wind
Information. 
  - The central bank said the level of liquidity in the banking system is
"relatively high", enough to absorb the impact from financial institutions'
deposits of reserve requirements, as well as government bond issuance and other
factors.
  - The 7-day weighted average interbank repo average rate for depository
institutions (DR007) rose to 2.6240% at 9:50 a.m. local time from the close of
2.5933% Friday: Wind Information;
  - The CFETS-NEX money-market sentiment index closed at 37 on Friday, up from
35 on Thursday.
--MNI Beijing Bureau; +86 (10) 8532-5998; email: wanxia.lin@marketnews.com
--MNI Beijing Bureau; +86 (10) 8532-5998; email: iris.ouyang@marketnews.com
--MNI Beijing Bureau; +86-10-8532-5998; email: beijing@marketnews.com
[TOPICS: M$A$$$,M$Q$$$,MGQ$$$,MN$MM$]