China injects cash to ease credit crunch
Date June 21, 2013 - 3:00PM
China’s benchmark money-market rates tumbled from record highs after the central bank injected funds to alleviate the worst cash crunch in at least a decade.
The overnight repurchase rate dropped 442 basis points, or 4.42 percentage points, to 8.43 per cent in Shanghai, according to a daily fixing compiled by the National Interbank Funding Center. That is the biggest drop since October 2007.
The seven- day rate fell 227 basis points today to 8.50 percent, the largest decline since January 2012.
‘‘The worst is over; the PBOC is likely to serve as a last resort and intervene to calm the markets and avoid such huge volatility,’’ said Chen Qi, a rates strategist at UBS Securities Co. in Shanghai. ‘‘Although a reduction in interest rates or reserve ratios is not likely in order to avoid confusing policy signals, we do think reverse repos are very likely to be resumed and PBOC will use window guidance as well. We expect liquidity tightness to persist.’’
Read more: http://www.smh.com.au/business/markets/china-injects-cash-to-ease-credit-crunch-20130621-2ongz.html#ixzz2WpOjWisM
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