PBOC’s cash injection helps shares
Print Edition
SHANGHAI stocks inched up yesterday after China’s central bank provided liquidity to ease a cash shortage during the coming Spring Festival holiday.
The Shanghai Composite Index added 0.26 percent, or 5.21 points, to 2,038.51.
The People’s Bank of China yesterday added 150 billion yuan (US$24.8 billion) to the money market via 14-day reverse repurchase agreements as funding costs continued to climb ahead of the weeklong holiday which starts on Friday.
The seven-day Shanghai Interbank Offered Rate, a gauge of money rates, rose 27.7 basis points to 5 percent, according to the National Interbank Funding Center.
“The room for money rates to rise further is limited as the central bank continued to alleviate the cash crunch,” said CITIC Securities.
Lenders gained, with the Industrial Bank up 2.2 percent to 9.42 yuan. The Bank of Communications added 1.3 percent to 3.80 yuan, and China Minsheng Banking Corp rose 2 percent to 7.19 yuan.
Investors were also worried about an economic slowdown after data showed Chinese industrial profits grew slower at 6 percent on year in December to 942.5 billion yuan, easing from a rise of 9.7 percent in November, the National Bureau of Statistics said yesterday.
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