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October economic data offered a mixed bag – investment and credit slowed, but exports and industrial production improved. The real economy is still in a relatively weak state, but does not seem to be in any sort of free fall, thanks in large part to government's continued growth support. Still, we do not see a rebound on the cards. The more interesting developments over the past several weeks have come in financial and credit markets. Tightened liquidity throughout the banking system is a symptom of the increasing need for cash to fund investment projects, sustain debtors, and ensure asset performance.