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THE MOST OPEN MARKET FUND INJECTION SINCE JANUARY OF 2014I BELIEVE. THE CASH HAS BEEN KIND OF RESTRICTIVE AS THEY HAVE BEEN PROPPING UP THE YUAN TO TRY AND KEEP IT STABLE. THEY HAVE KEPT IT STABLE BUT THEY HAVE HAD TO INJECT. AFTER THAT INTERVENTION. 150 BILLION YUAN AUCTION. IT IS 120 BILLION REVERSE REPOS MATURING TODAY SO IT IS A NET INJECTION OF JUST 30 BILLION YUAN. WE HAVE ONE ANALYST SAYING IT IS SMALLER THAN EXPECTED. WE HAVE ANOTHER INSTRUMENT, THE PBOC AUCTION AT 3%. AGAIN, GOING FORWARD, WHAT KIND OF SIGNAL OF A GOING TO SEND? RISHAAD: ON FRIDAY, WHEN WE GOT THAT REALLY WEEK PMI NUMBER, THEY SAID THE MARKET WAS GOING TO GO UP. >> THEY USED THEIR TOOL TO DEVALUE THAT YOU WANT. THEY HAVE BEEN HOLDING OFF TO ANOTHER INTEREST RATE CUT. I DON'T WANT TO EXACERBATE THE DEBT PROBLEM. THERE ARE ALL KINDS OF CONCERNS ABOUT THE OUTFLOWS. AGAIN, THE WORLD IS LOOKING TO CHINA IS THE SIGNAL. THEY HAVE THE FIREPOWER. THE REST OF THE DEVELOPED WORLD IS DOWN NEAR ZERO. 3.9 TRILLION U.S. DOLLARS IN F/X RESERVES. I THINK THE WORLD IS SAYING, WE WOULD LIKE TO SEE A SINGLE FROM YOU, BUT CHINA THINKS WE'RE LOOKING AFTER OUR INTERESTS. RISHAAD: THIS IS THE CONUNDRUM THEY FACE. >> SO FAR THEY HAVE HELD OFF, EVEN THOUGH MOST OF THE PEOPLE WE HAVE BEEN TALKING TO EXPECT MORE EASING FROM CHINA BEFORE THE END OF THE YEAR. WHETHER THEY ARE GOING TO ALLOW THE YUAN TO APPRECIATE MUCH FURTHER -- SOMEBODY TOLD ME THIS WAS BASICALLY A REPACKAGING 3% LOWER. YESTERDAY THEY ALLOWED IT TO WEEKEND. RISHAAD: THANK YOU, STEVE. WORDS SUCH AS ROUT, SELLOFF,