China’s money markets remained calm as lenders waited to see if the central bank would inject more liquidity into the system following two weeks of turmoil in the interbank market.
Traders in Shanghai said they expected the People’s Bank of China to refrain from open market operations on Thursday, following its decision to inject Rmb29bn ($4.8bn) into the financial system on Tuesday.
China’s seven-day bond repurchase rate, the benchmark money market rate and a key gauge of short-term funding, opened at 5.32 per cent, down from Wednesday’s close of 5.5 per cent.
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