China’s central bank has injected money into the financial system for the first time in nearly half a year, seeking to stave off a repeat of the cash crunch that blighted the economy in June.
The People’s Bank of China pumped Rmb17bn ($2.8bn) into the money market via seven-day reverse repurchase agreements yesterday, the first time it has conducted that kind of liquidity injection since February 7.
The amount was relatively small but its intent to prevent cash rates from drifting too high was clear, and the impact was immediate. The seven-day bond repurchase rate, a key gauge of short-term liquidity in China, fell 14 basis points to 4.98 per cent.
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