Liquidity remained eased on Thursday. Overnight repo rates rallied around 7 bps at 2.5064 percent, and 7-day repo rates fell around 11 bps at 2.6451 percent. Yields of cash T-bonds edged up in steadied trading. 1-year T-bonds yields remained unchanged at 3.10 percent; 5-year T-bonds were flat to yield 3.32 percent; 10-year T-bonds inched up 0.5 bps to yield 3.515 percent. Yields of financial bonds diverged in stable trading. 1-year bonds issued by China Development Bank were flat to yield 3.43 percent; 5-year bonds issued by the Bank slipped 1.5 bps to yield 4.04 percent; and 10-year bonds gained 0.25 bps to yield 4.2475 percent.

Disclaimer: This research report is prepared by the Industrial and Commercial Bank of China Limited ("ICBC") based on public information. Facts and views expressed in the report do not reflect the official opinion of ICBC. ICBC makes every effort to use reliable information, but makes no representation that the information is accurate or complete. ICBC bears no responsibility or liability for any direct or indirect loss arising out of (or claimed to be arising out of) using or reliance upon such information. ICBC owns the copyright of this report. This report may not be reproduced, copied, published, distributed or quoted in any way without the express written consent of ICBC. ICBC reserves the right to investigate and prosecute violations of copyright infringement to the fullest extent of the law.