China’s money rates shot up yesterday after the central bank withdrew cash from the financial system, fuelling worries that the world’s second-biggest economy might see a replay of a liquidity squeeze that rattled global markets earlier this year.
The seven-day bond repurchase rate, a key gauge of short-term liquidity in China, opened at 5 per cent, a four-month high and up 150 basis points from the end of last week.
But analysts said concerns of another cash-crunch were premature, with tightening moves by the central bank only mild so far and in large part directed at counteracting big inflows of cash from abroad.
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