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This week's open market operations drained....>

CHINA
CHINA: This week's open market operations drained some CNY300bn out of the
system after the central bank added CNY300bn last week. Focus is moving towards
targeted easing measures, as has been previously highlighted. This week's TMLF &
the mechanism being introduced to address RRRs for small and medium lenders add
further credence to the recent comments from the PBoC/policymakers, as the
authorities aim to focus more on efforts that will feed through to the real
economy as opposed to broader stimulatory measures (such as industry wide RRR
cuts).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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