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PBOC Signals More Liquidity after Larger Reverse Repo: News

CHINA PRESS
MNI (Beijing)

The People's Bank of China signaled its intention to stabilize liquidity and may boost supply to help meet greater demand due to regulatory requirements, the China Securities Journal said citing market participants. The central bank raised its 7-day reverse repo size to CNY30 billion on Thursday, which was the first time since March that the size of such operation has exceeded CNY10 billion, the official securities newspaper said. The backdrop of this injection was that liquidity this month has tightened as money supply was used up, with seven-day weighted average interbank repo rate DR007 hovering above 2.2%, the newspaper said citing economist Qu Qing of Jianghai Securities. The rate returned to below 2% following the PBOC's action and the easing of tax payment demand, the newspaper said. The central bank may continue to push the size of daily reverse repos over CNY10 bllion should funds tighten again through the end of June, the newspaper said citing analyst Wang Qing of Golden Credit Rating.

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