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PBOC Drains CNY 6.1bn

CHINA RATES

PBOC conducts CNY 150bn of 1-year MLF at the prevailing rate of 2.95%, with CNY 100bn MLF loans maturing today, and CNY 56.1bn TMLF maturing on April 25 (the TMLF will be allowed to roll off) this equates to a net drain from the financial system of CNY 6.1bn, most expected a neutral liquidity position, with a chance of liquidity injection as repo rates rise and when banks help corporate clients pay taxes.

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