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No Happy New Year in China as currency, liquidity fears loom

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Published Wed, Dec 28, 2016 · 09:50 PM

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    Hong Kong

    CHINA bulls could be facing a grim New Year's eve.

    The first day of 2017 is when an annual US$50,000 quota to convert the yuan into foreign exchange resets, stoking concern that there will be a rush to sell the local currency. With tax payments and a regulatory assessment also tightening liquidity in the money market towards year-end, January may bring scant relief as lenders prepare for stronger cash demand before the Chinese New Year holidays, which are only a month away.

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