SHANGHAI : China's central bank increased short-term fund injections into the financial system on Wedneday, in a bid to soothe market worries over tightening liquidity.
The central bank on its website said the move was to"maintain stable liquidity conditions at the end of the month". The volume-weighted average rate of the benchmark overnight repo traded in the interbank market, fell to 2.2025per cent on Wednesday morning, down 6.6 basis points from its previous close, which was the highest since June 22.
"Against the backdrop of recent credit risk events and tightening regulatory supervision ... in the initial stage when economic downward pressure emerges, the central bank usually maintains stable interbank liquidity with a loosening bias," Ming said. The pace of local government borrowing has been generally slow this year, with a total of about 1.35 trillion yuan issued in the first seven months, around 36per cent of this year's special bond quota of 3.65 trillion yuan.
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