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VCSC Daily - Stocks open sharply lower in response to US declines but partially recover throughout the day

Fixed Income January 2018 - Excessive liquidity supports bond market. Abundant foreign inflows buoy excessive liquidity in the banking system. Thanks to abundant USD supply, including USD1.1bn in disbursed FDI, a trade surplus of nearly USD200mn, strong inflows to the bond and stock markets as well as participation in SOE IPOs, the SBV purchased USD3.5bn in January and added around USD3.0bn during February 1-8, bringing its foreign reserves to around USD59bn.