(Bloomberg) -- China’s overnight money-market rate rose for
a sixth day, the longest run of increases in 10 months, as
holiday demand and new share sales sapped the supply of cash.
The overnight repurchase rate, a gauge of interbank funding availability, climbed two basis points to 2.95 percent in Shanghai, a weighted average from the National Interbank Funding Center shows. It has advanced 29 basis points, or 0.29 percentage point, since Jan. 27.
The People’s Bank of China sold 35 billion yuan ($5.6 billion) of seven-day reverse-repurchase agreements at 3.85 percent and 55 billion yuan of 28-day contracts at 4.8 percent Tuesday. That followed net injections of 105 billion yuan into the banking system in the last two weeks. As much as 1.8 trillion yuan will be locked up by subscriptions for new share sales that start Feb. 9, according to an estimate by SWS Research Ltd.
Read more at Click here / www.trade4x.net
The overnight repurchase rate, a gauge of interbank funding availability, climbed two basis points to 2.95 percent in Shanghai, a weighted average from the National Interbank Funding Center shows. It has advanced 29 basis points, or 0.29 percentage point, since Jan. 27.
The People’s Bank of China sold 35 billion yuan ($5.6 billion) of seven-day reverse-repurchase agreements at 3.85 percent and 55 billion yuan of 28-day contracts at 4.8 percent Tuesday. That followed net injections of 105 billion yuan into the banking system in the last two weeks. As much as 1.8 trillion yuan will be locked up by subscriptions for new share sales that start Feb. 9, according to an estimate by SWS Research Ltd.
Read more at Click here / www.trade4x.net
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