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Banks see liquidity tightened
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Liquidity tightened among banks yesterday after China’s central bank withdrew money from the market for the second week.
The People’s Bank of China refrained from open market operations yesterday morning, resulting in a net weekly drain of 15 billion yuan (US$2.5 billion) from the interbank market, similar to the amount the central bank drained from the market last week.
The benchmark seven-day bond repurchase rate, a measurement for borrowing cost between banks, closed at 4.3 percent yesterday, up from Wednesday’s 3.74 percent.
“The market is not short of money but participants are unwilling to spare the money on concerns about policy outlook,” Ma Jin, a researcher with Hwabao Securities said.
The PBOC reiterated last week that it will keep a prudent monetary stance, without either easing or tightening from the status quo.
But analysts expect the central bank to keep short-term monetary operations relatively tight to tame inflation.
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