China’s stock market has soared to multi-year highs since the central bank cut benchmark interest rates last month, as stock investors anticipate more aggressive easing steps to come.
But a funny thing happened on the way to loose money: actual interest rates rose.
The seven-day bond repurchase rate, a key gauge of liquidity in China’s money market, touched 7.55 per cent on Wednesday, the highest since late January, when rates traditionally spike ahead of the lunar new year holiday. Yet in spite of rising rates, the People’s Bank of China skipped open market operations on Thursday for the seventh straight session.
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