MNI China Daily Summary: Wednesday, May 8

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Money Market Rates To Move Closer To Policy Rates-News

CHINA PRESS
MNI (Singapore)

Money market interest rates will gradually move higher, closing the gap with the 7-day reverse repo rate (which currently stands at 2.00%), after the PBOC conducted a partial roll over of the maturing Medium-term Lending Facility on Aug 15, draining liquidity, the Shanghai Securities News reported, citing analysts. The DR007 rate, which hovered around 1.30% in the first half of August, has climbed for a few days, briefly rising above 1.40%, while the DR001 rate has also edged higher, moving away from the 1.00% area that it operated in for around half a month. The PBOC may continue to drain medium- and long-term liquidity with less MLF rollovers in the coming months, in a bid to guide money market rates closer to the policy rate, the newspaper said, citing Ming Ming, chief economist of CITIC Securities.

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