Liquidity tightened on Thursday. Overnight repo rates rose around 3 bps at 2.7788 percent, and 7-day repo rates surged around 189 bps at 6.9366 percent. Yields of cash T-bonds edged down in steadied trading. 1-year T-bonds yields remained unchanged at 3.795 percent; 5-year T-bonds were flat to yield 3.835 percent; 10-year T-bonds inched down 0.5 bps to yield 3.89 percent. Yields of financial bonds turned higher in stable trading. 1-year bonds issued by China Development Bank were flat to yield 4.68 percent; 5-year bonds issued by the Bank added 1 bp to yield 4.81 percent; and 10-year bonds were flat to yield 4.86 percent. (The update will suspend publishing during the New Year holiday. The issue on January 2 will introduce the market in the previous trading session.)

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