Aug
26

China’s Central Bank Intensifies Assault on Financing Costs With Cash Injections

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China’s central bank brought out an array of tools to target stubbornly high financing costs this week, reducing interest rates, offering cheap loans and adding cash to the financial system through open-market operations.

Money-market rates are finally buckling under the pressure, with the overnight rate breaking a record 39-day run of increases and interest-rate swaps slipping to the lowest since July. Supply of cash has lagged demand especially since a shock Aug. 11 yuan devaluation that saw the People’s Bank of China buying the currency on subsequent days to lend it stability…

China’s Central Bank Intensifies Assault on Financing Costs With Cash Injections

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