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The impact of PBOC draining liquidity...>

CHINA PRESS
CHINA PRESS: The impact of PBOC draining liquidity would be limited: market
risks would not be high, and liquidity before the Spring Festival would remain
relatively loose, reported Shanghai Securities News on Wednesday. 
 - Before the end of March, only CNY170 billion reverse repos will mature, and
CNY538.5 billion medium-lending facilities are due in February and March  
 - The PBOC is very likely to maintain loose liquidity as previous years showed
financial institutions' demand for money supply tends to increase before the
Spring Festival  
 - Liquidity may not be too tight after the festival as cash is expected to flow
back - countering the negative effects caused by maturing reverse repos, some
maturing in contingent reserve arrangements, and pressure on financial
institutions to meet liquidity assessment requirements set by regulators. 

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