The People's Bank of China has continued to climb down from its tough stance on liquidity, allowing 36B yuan ($5.9B) to flow into the banking sector today. Inter-bank funding rates have kept on falling, with the benchmark seven-day bond repurchase rate dropping 69 bps to 4.76% and the overnight repo rate tumbling 63 bps to 3.79%. Meanwhile, the government has instructed local media to stop "hyping the so-called credit crunch."
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