Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
BEIJING (MNI) - The People's Bank of China skipped its open-market
operations on Thursday, saying that an increase in fiscal spending toward the
year-end can hedge the impact of maturing reverse repos and that liquidity
conditions are still at a high level.
This resulted in a net drain of CNY30 billion for the day, as a total of
CNY30 billion in reverse repos mature on Wednesday. It is the fifth consecutive
trading day that the PBOC has skipped the OMOs.
The PBOC has drained a net CNY240 billion from the interbank market so far
this week. Analysts said the the central bank's decision has worsened the
structural problem of liquidity, particularly when the demand is increasing at
The CFETS-ICAP money-market sentiment index ended at 54 on Wednesday,
slightly down from 56 at Tuesday's close. The lower the reading the better the
liquidity conditions in the interbank market.
The benchmark seven-day repo average was last at 2.6680%, compared with
2.8773% on Wednesday.
--MNI Beijing Bureau; +86 (10) 8532 5998; email: firstname.lastname@example.org
--MNI Beijing Bureau; +86 (10) 8532-5998; email: email@example.com