Tighter liquidity conditions across money.....>

CHINA: Tighter liquidity conditions across money markets is the stand out

feature from MNI's latest monthly China Interbank Survey, which gauged the

opinions of 19 traders from financial institutions operating in China's

interbank market, the economy's main source of financing.

- The latest survey, conducted between April 23 to April 27, shows 73.7% of

respondents believe liquidity conditions have deteriorated, the highest number

since November 2017. That's up from 10% in March and 68.4% in April last year.

The percentage hadn't previously been over 50 this year. 

- The PBOC has been parsimonious with its cash since the middle of April and the

April 25 Reserve Requirement Ratio reduction, has not helped sate a thirsty

market. However, fewer survey participants think the PBOC imposed a tighter bias

in its monetary policy. Only one out of the 19 traders noted the tighter bias,

the second lowest level since Sep. 2016, with only last March ahead. (For more,

see story on MNI Main Wire, 11:15 BST 05/03)