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Delay in easing steps hits key index
By Ye Zhen |
September 26, 2012, Wednesday
|
Print Edition
Print Edition
SHANGHAI stocks ended lower yesterday on concerns China may delay easing measures after injecting a record amount of liquidity into the financial market while Standard & Poor's lower forecast for the nation's economic growth also damped sentiment.
The key Shanghai Composite Index shed 0.19 percent to close at 2,029.29 points.
The People's Bank of China yesterday injected 100 billion yuan (US$15.85 billion) into the financial market via 14-day reverse repurchase agreements and an additional 190 billion yuan through 28-day agreements in its biggest-ever daily reverse repo operation.
''The use of long-term reverse repo indicates the central bank relies more on open market operation to adjust liquidity rather than a cut in the required reserve ratio,'' said He Yifeng, analyst at Hongyuan Securities.
Concerns over the nation's economy renewed after S&P on Monday pared China's gross domestic product growth forecast to 7.5 percent from 8 percent.
The key Shanghai Composite Index shed 0.19 percent to close at 2,029.29 points.
The People's Bank of China yesterday injected 100 billion yuan (US$15.85 billion) into the financial market via 14-day reverse repurchase agreements and an additional 190 billion yuan through 28-day agreements in its biggest-ever daily reverse repo operation.
''The use of long-term reverse repo indicates the central bank relies more on open market operation to adjust liquidity rather than a cut in the required reserve ratio,'' said He Yifeng, analyst at Hongyuan Securities.
Concerns over the nation's economy renewed after S&P on Monday pared China's gross domestic product growth forecast to 7.5 percent from 8 percent.
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