PBOC repo move aims to aid credit supply, cut rates
By Wu Yiyao in Shanghai | China Daily | Updated: 2013-07-31 07:22
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The country's central bank intervenes as benchmark interbank lending rates hit a four-week high on Tuesday. Xie Zhengyi / For China Daily |
The People's Bank of China injected 17 billion yuan ($2.77 billion) into money markets on Tuesday through seven-day reverse bond repurchase agreements, the first such move in five months, to ease concerns over a credit crunch that pushed benchmark interbank lending rates to four-week highs.
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