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Interbank borrowing rate falls
By Feng Jianmin |
July 1, 2013, Monday
|
Online Edition
Online Edition
CHINA'S interbank borrowing rate fell to the lowest in three weeks as the quarter's-end liquidity squeeze ebbed.
The weighted average for the benchmark seven-day repo rate fell to 5.42 percent today, the lowest since June 7, according to the daily publishing of Shanghai Bank Interbank Offered Rate.
But the rate was still higher than last year's 4.16 percent and annual normal range of 3 to 4 percent.
"We expect the market to be stable in the coming days but the rate will be higher than usual," said Wang Nan, a researcher for Wanda Futures.
"Banks still need money to pay reserve requirements on July 5, and the central bank is still ambiguous about open market operations."
The weighted average for the benchmark seven-day repo rate fell to 5.42 percent today, the lowest since June 7, according to the daily publishing of Shanghai Bank Interbank Offered Rate.
But the rate was still higher than last year's 4.16 percent and annual normal range of 3 to 4 percent.
"We expect the market to be stable in the coming days but the rate will be higher than usual," said Wang Nan, a researcher for Wanda Futures.
"Banks still need money to pay reserve requirements on July 5, and the central bank is still ambiguous about open market operations."
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