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Short-term liquidity has been...........>

CHINA PRESS
CHINA PRESS: Short-term liquidity has been slightly tightened because of the
peak of tax payments, but overall capital supply and demand are balanced, China
Securities Journal reported. Early July saw high levels of liquidity, thus the
PBOC continued using open market operations to drain liquidity, leading it back
to a "proper and sufficient" range, the Daily said. Liquidity is likely to be
more ample than last year with lower average money market rates and less
volatility at the end of each quarter, the Daily said. Money market rates and
ultra-short bond rates have almost bottomed, the Daily added.

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