Liquidity tightened on Thursday. Overnight repo rates tumbled around 32 bps at 3.0326 percent, and 7-day repo rates fell around 13 bps at 4.6607 percent. Yields of cash T-bonds edged up in brisk trading. 1-year T-bonds yields remained unchanged at 3.00 percent; 5-year T-bonds inched up 1 bp to yield 3.29 percent; 10-year T-bonds advanced 2 bps to yield 3.63 percent. Yields of financial bonds turned higher in heavy trading. 1-year bonds issued by China Development Bank rallied 9 bps to yield 3.73 percent; 5-year bonds issued by the Bank added 3 bps to yield 4.26 percent; and 10-year bonds gained 2.5 bps to yield 4.425 percent.

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