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China 14-day repo rate drops on looser liquidity

11-01-2012 11:05 BJT

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China's short-term lending rates fell on Wednesday as the 14-day repo rate slumped sharply. Analysts say that’s because of improved liquidity after the central bank injected huge amounts of money into the market.

The weighted average 14-day bond repo rate declined 53 basis points by midday, while the overnight rate decreased below the 3 percent level. This comes after the People’s Bank of China conducted a reverse repurchase operation on Tuesday, injecting 346 billion yuan, or about 55 billion US dollars, into the banking system.

That’s the biggest amount for a one-day open market operation. Analysts say the sum actually equates to about same amount as a Triple-R cut.

 

 

Editor:Zhang Rui |Source: CCTV.com

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