PBOC hikes banks’ liquidity following rate jump
China added funds to select banks on Thursday after the benchmark money market rate jumped the most since a record cash crunch in June. The People’s Bank of China said on its micro blog that it had conducted short-term liquidity operations recently and will continue to supply funds to qualified financial institutions based on the situation. The announcement did not detail the size or pricing of the cash injections. The monetary authority injected 200 billion yuan ($32.9 billion), according to online financial news provider Netease, which cited an unidentified person. The seven-day repurchase rate, a gauge of funding availability in the banking system, jumped 140 basis points to 6.60 percent, according to a daily fixing by the National Interbank Funding Center.