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MNI: PBOC Skips OMOs For 8th Straight Day; Drains CNY90 Bln

     BEIJING (MNI) - The People's Bank of China skipped its open-market
operations Wednesday, saying the liquidity level in the banking system is at a
"relatively high" level.
     This resulted in a net drain of CNY90 billion for the day, as a total of
CNY90 billion in reverse repos mature on Wednesday. 
     Today is the eighth consecutive trading day that the PBOC skipped its open
market operations.
     The CFETS-ICAP money-market sentiment index ended at 44 on Tuesday, down
from 56 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 2.6526%, compared with
2.7655% on Tuesday.
--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$MM$]

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