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USDCLP Approaching Significant Resistance

     BEIJING (MNI) - The People's Bank of China skipped its open market
operations on Monday, citing the liquidity in the banking system is at a
"relatively high" level, which can absorb the impact of maturing reverse repos.
     This results in a net drain of CNY40 billion for the day, as a total of
CNY40 billion in reverse repos matures on Monday. 
     Today is the 11th consecutive trading day that the PBOC skipped its open
market operations.
     There will be a total of CNY410 billion in reverse repos maturing this
week.
     The CFETS-ICAP money-market sentiment index ended at 33 on Friday, slightly
down from 34 at Thursday's close. The lower the reading the better the liquidity
conditions in the interbank market.
     The benchmark seven-day repo average was last at 2.6500%, compared with
2.6860% on Friday.
--MNI Beijing Bureau; +86 10 85325998; email: he.wei@marketnews.com
--MNI Beijing Bureau; +86 10 8532 5998; email: william.bi@mni-news.com
[TOPICS: MMQPB$,M$A$$$,M$Q$$$,MN$MM$]