Asia Insights Global Markets Research Rates - Asia ex-Japan China rates: A closer look at flush liquidity … with NCD yields breaking previous lows. Liquidity stays flush with NCD yields moving lower Research Analysts Asia Rates Strategy Clair Gao, CFA - NIHK clair.gao@nomura.com +852 2252 1081 Albert Leung - NIHK albert.leung1@nomura.com +852 2252 1401 See Appendix A-1 for analyst certification, important disclosures and the status of non-US analysts. The PBoC has been keeping liquidity stable and sufficien ...