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March 30, 2017

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Shares fall again on liquidity concerns

SHANGHAI shares yesterday fell for a third straight day amid liquidity concerns as the money market saw a net drain for the fourth day in a row.

The Shanghai Composite Index slid 0.36 percent to 3,241.31 points.

The People’s Bank of China skipped the open market operations for the fourth straight session, saying liquidity levels remained “appropriate.”

Its inaction drained 70 billion yuan (US$10.2 billion) from the market yesterday when previous reverse repos matured.

However, the central bank’s wording marked a change from previous comments on liquidity in the banking system as being “at a relatively high level” last Friday.


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