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Shanghai index down 0.34% on liquidity withdrawal
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SHANGHAI stocks edged down today after the central bank withdrew cash from the banking system.
The key Shanghai Composite Index shed 0.34 percent to 2,034.57. Turnover was weak at 55.9 billion yuan (US$9.2 billion).
The People’s Bank of China today drained 20 billion yuan from the country’s money market via 28-day repurchase contracts at a rate of 4 percent, according to a statement on the central bank’s website.
The amount is less than the withdrawal of 30 billion yuan last Thursday and 35 billion yuan last Tuesday. It was interpreted as a sign of monetary easing.
The central bank last week injected 120 billion yuan into the market, the most in four months.
“There is still some concern about cash shortage in June as a large number of wealth management products will mature,” said Li Zhiping, an analyst with Sinolink Securities.
Li said the central bank is trying to stabilize money market rates through open market operations.
China suffered a serious liquidity crunch in June last year, leading to a 14 percent drop in Shanghai stock market.
Most banks fell. Shanghai Pudong Development Bank dipped 0.8 percent to 9.66 yuan. Huaxia Bank lost 0.8 percent to 8.33 yuan.
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