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Negotiable certificates of deposit......>

CHINA PRESS
CHINA PRESS: Negotiable certificates of deposit (NCDs) has been transformed from
an investment vehicle into a liquidity tool for the market, 21st Century
Business Herald reported Thursday. As the end of the third quarter approaches,
money supply is tight though the PBOC has enhanced its liquidity injections,
perhaps due to the large volume of NCDs maturing this month, the newspaper said.
Insiders told the newspaper that banks have much less motivation to issue NCDs
compared to six months, largely due to the tightening of regulations. Though the
ratio of NCDs to total bank liabilities had risen to 5% y/y at the end of July,
higher than the 3.5% in the same period last year, it does not mean a
deterioration of banks' liability structure. (21st Century Business Herald)

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