Liquidity tightened on Thursday. Overnight repo rates rose around 6 bps at 2.8956 percent, and 7-day repo rates retreated around 2 bps at 3.3430 percent. Yields of cash T-bonds edged up in steadied trading. 1-year T-bonds yields firmed 8 bps at 3.66 percent; 5-year T-bonds increased 3.5 bps to yield 3.63 percent; 10-year T-bonds advanced 1 bp to yield 3.65 percent. Yields of financial bonds diverged in heavy trading. 1-year bonds issued by China Development Bank remained unchanged to yield 4.12 percent; 5-year bonds issued by the Bank were flat to yield 4.35 percent; and 10-year bonds gained 0.25 bps to yield 4.345 percent.

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