Liquidity tightened on Monday. Overnight repo rates rallied around 11 bps at 3.0085 percent, and 7-day repo rates surged around 24 bps at 3.8268 percent. Yields of cash T-bonds edged up in brisk trading. 1-year T-bonds yields remained unchanged at 3.54 percent; 5-year T-bonds advanced 12.5 bps to yield 3.965 percent; 10-year T-bonds added 8 bps to yield 3.915 percent. Yields of financial bonds turned higher in heavy trading. 1-year bonds issued by China Development Bank firmed 2 bps to yield 4.01 percent; 5-year bonds issued by the Bank were up 6 bps to yield 4.54 percent; and 10-year bonds gained 9 bps to yield 4.515 percent.

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