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China money rates mixed as month end approaches
by hlk Wed 29 May 2013, 15:34
Business & Markets 2013
Written by Reuters
Wednesday, 29 May 2013 13:52
A + / A - / Reset
(May 29): Chinese money rates were mixed on Wednesday as traders
balanced fund injections by the central bank in the interbank market
against concerns of a cash crunch at the end of the month.
The weighted average of the benchmark seven-day repo rose by 17
basis points to 3.71 percent around midday, up from 3.54 percent on
Tuesday.
The overnight rate, however, fell 30 bps to 3.05 percent from 3.35
percent.
"The seven-day repo is up because some institutions had borrowed
funds last week which are maturing, so there are relatively more people
holding seven-day tenors, and then there is borrowing to get funds that
will last through the end of the month," said a trader at a Beijing bank.
The 14-day rate was almost unchanged from 3.7786 to 3.7802.
The People's Bank of China (PBOC) is currently on course to inject a
net 11 billion yuan ($1.80 billion) for this week, but it could still drain or
inject additional funds during upcoming open market operations on
Thursday.
The PBOC injected 128 billion yuan into the market last week.
Current Prev close Change
(pct) (bps) 7-day repo 3.7085 3.5423 +16.62 7-day SHIBOR 3.6700
3.5030 +16.70 Note: Repo rate is weighted average.- Reuters
Written by Reuters
Wednesday, 29 May 2013 13:52
A + / A - / Reset
(May 29): Chinese money rates were mixed on Wednesday as traders
balanced fund injections by the central bank in the interbank market
against concerns of a cash crunch at the end of the month.
The weighted average of the benchmark seven-day repo rose by 17
basis points to 3.71 percent around midday, up from 3.54 percent on
Tuesday.
The overnight rate, however, fell 30 bps to 3.05 percent from 3.35
percent.
"The seven-day repo is up because some institutions had borrowed
funds last week which are maturing, so there are relatively more people
holding seven-day tenors, and then there is borrowing to get funds that
will last through the end of the month," said a trader at a Beijing bank.
The 14-day rate was almost unchanged from 3.7786 to 3.7802.
The People's Bank of China (PBOC) is currently on course to inject a
net 11 billion yuan ($1.80 billion) for this week, but it could still drain or
inject additional funds during upcoming open market operations on
Thursday.
The PBOC injected 128 billion yuan into the market last week.
Current Prev close Change
(pct) (bps) 7-day repo 3.7085 3.5423 +16.62 7-day SHIBOR 3.6700
3.5030 +16.70 Note: Repo rate is weighted average.- Reuters
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