PBOC hikes banks’ liq­uid­ity fol­low­ing rate jump

China Daily (Canada) - - BUSINESS -

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.

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