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Funding costs slide for 3rd day
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Borrowing costs among banks fell yesterday for the third day despite the central bank’s withdrawal of 450 billion yuan (US$74.28 billion) from the financial markets this week.
The benchmark seven-day repurchase rate, measuring funding costs among banks, fell by 0.18 percentage points to 5.02 percent yesterday, still above the 4 percent norm. The repo rate hit 5.43 percent on February 7, the highest since January 21.
The People’s Bank of China refrained from open market operations this week, allowing 450 billion yuan to flow out from the market as previous reverse repo contracts matured, dampening analysts’ hopes for a small money injection to offset the withdrawal.
“A sufficient short-term liquidity among banks allowed the central bank to suspend money injection,” the Zheshang Futures Co said in a note.
“The decision is a testimony to the central bank’s relative tight stance and we expect money market rates to hover at a relatively high level,” the brokerage said.
The PBOC suggested that high money market rate volatility will continue, according to its quarterly monetary report released on Saturday.
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