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The People's Bank of China has continued to climb down from its tough stance on liquidity,...

The People's Bank of China has continued to climb down from its tough stance on liquidity, allowing 36B yuan ($5.9B) to flow into the banking sector via bills and forward bond repurchase agreements that mature today. Inter-bank funding rates continued to fall, with the benchmark seven-day bond repurchase rate dropping 69 bps to 4.76% and the overnight repo rate tumbling 63 bps to 3.79%. Meanwhile, the government has instructed local media to stop "hyping the so-called credit crunch."
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