China sought to reassure investors that there was ample liquidity in the financial system and gave its first official indication yesterday that the country’s sudden cash crunch was induced by a crackdown on shadow financing.
“It is not that there is no money, but the money has been put in the wrong place,” Xinhua, the official news agency, said in a commentary, while the People’s Bank of China restated its commitment to moderate credit growth and a prudent monetary policy.
The government has yet to give an explicit explanation for the central bank’s move to allow rates for lending between banks to surge on Thursday. But the commentary from Xinhua, which Beijing often uses to make policy statements, comes the closest it has yet to that.
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