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The PBOC aims to drain liquidity........>

CHINA PRESS
CHINA PRESS: The PBOC aims to drain liquidity through the sale of CNY20 billion
of bills in Hong Kong on Wednesday, according to a report in the Economic Daily
today. The newspaper quoted Zhao Qingming, chief economist at China Financial
Futures who said the yuan is under great depreciation pressure with abundant
liquidity in offshore markets. Zhao said that while CNY20 billion is not a large
amount, it sent strong signals that the PBOC is making it harder to short the
yuan.

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