Pre-holiday money rate surges to 7-month high
(China Daily) Updated: 2012-09-25 10:57
China's overnight money-market rate climbed to a seven-month high on speculation that cash shortages will worsen as banks hoard money to meet quarter-end capital requirements and demand for holiday withdrawals.
The People's Bank of China will be gauging demand for 14- and 28-day reverse-repurchase contracts this week, according to a trader required to bid at the auctions.
The central bank used money- market operations to inject a net 101 billion yuan ($16 billion) of capital last week to ease the cash crunch.
China's financial markets will close starting on Oct 1 for the week-long National Day and Mid-Autumn Festival.
- Post-90s quits his job to make traditional paper umbrellas
- Ministry of housing and urban-rural development holds news conference
- High-tech business leaders optimistic about China
- PBOC, MAS renew bilateral currency swap arrangement
- Silver lining in China's lackluster economic data
- Foreign investment promising in China despite economic downturn
- China hopes to stem spending power outflow
- China central bank continues forex sales in Feb
Hot Topics
Editor's Picks
