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December 14, 2017

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PBOC continues to boost liquidity

CHINA’S central bank yesterday continued to inject liquidity into the financial system for a third consecutive day through open market operations.

The operations included 70 billion yuan (US$10.57 billion) of seven-day reverse repos, with an interest rate of 2.45 percent, and 60 billion yuan of 28-day reverse repos, with an interest rate of 2.75 percent.

Offset by 70 billion yuan of maturing reverse repos, the net injection yesterday stood at 60 billion yuan.

Lending costs between banks have been rising since the beginning of the month, with the overnight Shanghai Interbank Offered Rate rising to 2.79 percent yesterday.

China has vowed to pursue a “prudent and neutral” monetary policy in 2017.


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