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PBOC鈥檚 fund injection lends a helping hand to key index
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Shanghai stocks rose for a second day yesterday as funding costs fell after the central bank resumed open market operation to provide liquidity after suspending it for three weeks.
The Shanghai Composite Index added 0.15 percent, or 3.20 points, to 2,092.91.
The People’s Bank of China yesterday injected 29 billion yuan (US$4.8 billion) into the money market via seven-day reverse repurchase agreements for the first time in three weeks.
“The central bank’s move was to rein in rising short-term money rates and helped to ease market concern over liquidity,” Hongyuan Securities said in a note yesterday.
The seven-day Shanghai Interbank Offered Rate, a gauge of funding costs, fell for the first time in eight days by 264.60 basis points to 6.2 percent yesterday, according to the National Interbank Funding Center.
But the broker cautioned whether the rebound can sustain as a liquidity shortage is expected at the year end.
Meanwhile the Shanghai Securities News said that Guangdong Province has submitted a proposal to the State Council, or China’s Cabinet, seeking to set up a free trade zone to facilitate its economic integration with Hong Kong and Macau. The proposal is likely to be approved, the paper said.
Related shares soared. Huafa Industrial Co Ltd surged 6.5 percent to 7.54 yuan. Guangzhou Baiyun International Airport Co Ltd gained 4.1 percent to 7.11 yuan. Guangzhou Shipyard International Co Ltd rose 5.2 percent to end at 15.86 yuan.
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