Chinese money market rates continue to rise despite PBOC action.

The People's Bank of China has injected 13B yuan ($2.13B) into the country's money markets via open market operations, resuming such action for the first time in two weeks. However, while the move may have been designed to ease fears that the PBOC was planning to dramatically tighten monetary policy, repo rates rose anyway. The one-week increased to a three-month high of 4.947% and the overnight to a four-month peak of 4.446%. The Shanghai Composite fell 0.2%.