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To: Jamey who wrote (91871)	12/17/2002 4:38:18 AM
From: long-gone	Read Replies (2) \| Respond to of 116752

Dow Jones Business News China's Central Bank to Ease Monetary Policy Temporarily Tuesday December 17, 3:55 am ET SHANGHAI -- The People's Bank of China Tuesday offered to add 20 billion yuan ($2.41 billion) to the local money market, at least temporarily reversing a policy that has seen it tighten credit each week for about six months. According to market sources, the central bank was offering to buy 20 billion yuan worth of state bonds from the interbank market using 28-day repurchase agreements that pay 2.35% interest. Repos are short-term exchanges of debt securities for cash, which get reversed after a period of time. The central bank used repos in each of the previous 24 weeks to drain money from the market. That action has weakened the Chinese government bond market by putting upward pressure on market interest rates in recent months. Traders in recent weeks have been predicting the tightening would end. However, a high-profile initial public offering, coinciding with the normal seasonal liquidity tightness, may have finally prompted the central bank to add money to the market, traders said. CITIC Securities Co. began offering 1.8 billion yuan in new shares Tuesday. The IPO is expected to do well, and has been pushing market interest rates up since it was announced late last week. That IPO has exacerbated liquidity tightness as the yearend approaches, a period when many trading participants have closed their books for the year and have opted out of the market. A bond trader in Beijing said it was unclear whether the adjustment was in response to only these factors, or marks a finality to the tightening action that began in June. "It isn't clear whether the PBOC will continue to do this next week," said a bond analyst at Haitong Securities in Shanghai. However, the Haitong analyst said that even if the central bank offers cash to the market again in coming weeks, it is unlikely to add amounts as large as 20 billion yuan. Before the CITIC Securities IPO was announced last Thursday, the seven-day repo was closer to 3.11%. -By James T. Areddy, Dow Jones Newswires; (86) 1370 1700 594; james.areddy@ dowjones.com Dow Jones Newswires 12-17-02 0355ET biz.yahoo.com

To: Jamey who wrote (91871)	12/17/2002 4:49:34 AM
From: E. Charters	Respond to of 116752

7 Pillars of Wisdom. All I remember about T.E. Lawrence is he used to enlist in the Airforce under assumed names, since he used to keep getting thrown out. When asked later why he did that he said, that "it was refreshing to take a job where he did not have to think, and he could take orders from idiots." EC<:-}