their money supply. The chart below shows the steady increase of net issuance of bills and repos. helping to soak up some of the excess liquidity. PBOC Bills and Repo Issuance 400 300 203 'KO 0 -100 203 -300 tf 2500 2000 1500 I 1000 0 ;assts I$$$$§$$$S!$ $$$ 9 9 9 9 4 1 2 - 77 6i,gi