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Liquidity crunch squeezes key index
Print Edition
Shanghai stocks fell yesterday for the second consecutive day as media reported that deposits at the big-four Chinese banks shrank 202 billion yuan (US$32.9 billion) in the first three weeks of this month.
The Shanghai Composite Index lost 0.41 percent to 2,198.51 points.
The People’s Bank of China pumped 88 billion yuan into the money market on Tuesday to ease the liquidity crunch before the National Day holiday from October 1 to 7. It was the biggest cash injection by the central bank in the past two months.
Media reports said deposits at the big-four banks — the Industrial and Commercial Bank of China, China Construction Bank, the Agricultural Bank of China and the Bank of China — fell by 202 billion yuan in the first three weeks.
The drop occurred despite the banks attracting more than a trillion yuan of new deposits this week to meet their liquidity requirements before the end of September, the 21st Century Business Herald reported yesterday, citing unnamed sources. The quartet may extend a total of 600 billion yuan in new loans this month, the report said.
ICBC dipped 0.3 percent to 3.88 yuan yesterday. CCB shed 0.5 percent to 4.33 yuan. Shanghai Pudong Development Bank lost 0.3 percent to 10.78 yuan. BOC, however, gained 0.7 percent and closed at 2.79 yuan.
Haitong Securities lost 1.4 percent to 12.37 yuan. Everbright Securities shed 0.5 percent to 9.67 yuan, and Industrial Securities fell 1.2 percent to 9.96 yuan.
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