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Shanghai index falls over liquidity fears
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SHANGHAI stocks dropped amid tight liquidity as monetary rates rose after the People's Bank of China drained funds from the market today.
The Shanghai Composite Index lost 0.83 percent to 2,046.59 points, led by declines in publishing and media companies.
The PBOC drained 52 billion yuan (US$8.5 billion) via repurchase agreements from the money market after a 46 billion yuan withdrawal on Tuesday.
The seven-day repurchase rate, a gauge of market liquidity, jumped 94 basis points to 4.83 percent today.
Bank of China said in a report there is a high chance the central bank will lower the reserve requirement rate for commercial banks to bolster the economy.
Media and publishing companies fell across the board.
Shanghai Xinhua Media Co lost 1.5 percent to 9.53 yuan. Jiangsu Phoenix Publishing & Media Corp slumped 2.8 percent to 9.23 yuan. Anhui-based Time Publishing and Media Co tumbled 6.2 percent to 16.19 yuan.
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