To recap today's PBoC liquidity measures......>

CHINA: To recap today's PBoC liquidity measures. The PBoC injected a record net

CNY 560bn via reverse repos today. The central bank went on to note that today's

"cash injection is meant to maintain reasonably ample banking system liquidity,"

with the bank saying that "overall banking system liquidity is falling rapidly."

- Worth noting that the 28-Day reverse repo ops have been reintroduced after a

multi-month hiatus and cover the Lunar New Year period, when liquidity is of

paramount importance.

- As a reminder, the first half of the PBoC's recently announced RRR cut came

into play yesterday, with the second half set to be introduced on January 25.

- Focus also falls on the PBoC's new TMLF measure (which aims to promote lending

to SMEs), and the degree of take-up/supply of the measure over the coming

months.

- N.B. Chinese new yuan loans and aggregate finance data surpassed estimates

when the data was released late Tuesday, while money supply data was mixed when

compared to exp.