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24 Dec 2013
PBoC injects cash, cools credit fears
FXstreet.com (Bali) - The People’s Bank of China (PBoC) intervened into the money market today, conducting a 29 billion yuan operation on seven-day reverse repurchase agreements at a yield of 4.1%.
According to a weighted average, the 7-day repurchase rate came down over 340 bp to 5.5%, while the overnight repo rate also saw a decline of 117 bp to near 4%, with the 14-day repo near 6%. The Shanghai Composite rebounded today, recording gains in the tune of 0.8% as credit crunch fears get temporarily cooled.
According to a weighted average, the 7-day repurchase rate came down over 340 bp to 5.5%, while the overnight repo rate also saw a decline of 117 bp to near 4%, with the 14-day repo near 6%. The Shanghai Composite rebounded today, recording gains in the tune of 0.8% as credit crunch fears get temporarily cooled.