China’s central bank has pumped Rmb265bn ($42bn) into the country’s money markets, continuing its pattern in recent weeks of using short-term liquidity injections to suppress lending rates.
The injection yesterday via reverse bond repurchase agreements was the second biggest ever by the People’s Bank of China. The central bank’s determination to keep liquidity flush provided support for the stock market, with the Shanghai Composite, the country’s benchmark index, leaping 2 per cent.
But the central bank has issued a mountain of reverse repos over the past month, many of which will start maturing this week.
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