Liquidity tightened on Thursday. Overnight repo rates fell around 3 bps compared with the previous trading session to close at 2.3013 percent, and 7-day repo rates picked up around 6 bps to yield 2.8396 percent. Yields of longer-term cash T-bonds edged down in brisk trading. 1-year T-bonds yields remained unchanged at 2.13 percent; 5-year T-bonds slipped 0.5 bps to yield 2.395 percent; 10-year T-bonds dropped 1 bp to yield 2.645 percent. Yields of financial bonds diverged in heavy trading. 1-year bonds issued by China Development Bank were flat to yield 2.38 percent; 5-year bonds issued by the Bank were up 0.5 bps to yield 2.835 percent; and 10-year bonds were flat to yield 3.015 percent.

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