The Chinese central bank has made an emergency money injection after a surge in interbank rates, trying to prevent a repeat of the cash crunch that rattled global markets this year.
In a highly unusual move, the People’s Bank of China said it had conducted a “short-term liquidity operation” to provide credit to banks in need of money.
According to the central bank’s own rules, it is only meant to announce SLOs one month after their implementation, but on this occasion it was unwilling to brook such a delay. It used its account on Weibo, China’s Twitter-like platform, yesterday afternoon to tell a jittery market that it had provided banks with the emergency cash.
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