China Boosts Short-Term Cash Injection to Ease Liquidity Worries

Bloomberg2021-06-24

PBOC injects 30 billion yuan with reverse repurchase contracts. Move ends Beijing’s practice of adding 10 billion yuan per day. China’s central bank increased its short-term cash injection for the ...

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JinQuan
2021-06-24
JinQuan
Interesting
- koolgal:
  ??
Hopehope赋予希望
2021-06-24
Hopehope赋予希望
Stabilising for the markets. View of Shanghai index hitting 3,600 and Shenzhen exceeding 15,000 remain intact
OO_898
2021-06-24
OO_898
Like
Khoogl
2021-06-24
Khoogl
Like
Robinshk
2021-06-24
Robinshk
Help like and comment
snd
2021-06-24
snd
Hello

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The move bodes well for liquidity prospects in the second half, as some 4.15 trillion yuan of medium-term policy loans will mature by December.\n“The market now believes that they know the PBOC’s cards -- it will keep liquidity reasonable for the remainder of the year,” said Wan Kelin, an analyst at Topsperity Securities. “Even though there may be some fluctuations throughout that course, the theme is the same.”\nChina’s overnight borrowing costs posted the largest one-day decline in almost three months as PBOC’s injection eased money-market jitters fueled by quarter-end regulatory checks on banks and the issuance oflocal governmentbonds. The move also suggested that policy makers are matching action with rhetoric after a central-backed editorial recently criticized what it said are“baseless”predictions about a tightening in liquidity.\n\nThe overnight repurchase rate, a gauge of interbank funding costs, dropped 35 basis points to 1.83%, the largest one-day decline since April 2. The rate has traded in a 50-basis point range this month. The most actively-traded contract of one-year debt dropped four basis points to 2.39%. China’s benchmark equity CSI 300 Index rose 0.2%.\nFears of a government bond rout have grown of late, with regional authorities expected to sell some 660 billion yuan of debt this month in a move that could drain interbank liquidity, according to Citic Securities Co. Chinese banks may also become less willing to lend toward the end of June as they prepare for regular liquidity checks by the authorities, reducing cash levels in the system which could be used to buy bonds.\nInvestors will be watching to see if the central bank injects more cash into the system in the coming months with a swathe of loans set to fall due by December. The maturity of medium-term policy loans in the second half will be more than three times the size seen in the first six months, data compiled by Bloomberg shows.\nShort-term funding costs were not excessively high before the operation, and banks were willing to lend out overnight cash after the PBOC injected liquidity, according to a trader. Seven-day funding remains expensive as it covers the quarter-end period, said the trader, who asked not to be named as he’s not allowed to comment on the rates market publicly.\nFor Becky Liu, head of China macro strategy at Standard Chartered Plc, the injection could be aimed at keeping markets stable ahead of nationwide celebrations for the Chinese Communist Party’s 100-year anniversary on July 1.\n“It’s more of a pre-cautionary measure to make sure there’s no liquidity stress in the coming half year-end, even when interbank liquidity conditions aren’t tight,” Liu said. “The PBOC will be proactively managing interbank liquidity conditions to meet the policy stance of being ‘reasonably accommodative.’”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":128794674,"gmtCreate":1624530668898,"gmtModify":1703839506490,"author":{"id":"3576054263007646","authorId":"3576054263007646","name":"JinQuan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3576054263007646","authorIdStr":"3576054263007646"},"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/128794674","repostId":1169475137,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5853056,"gmtCreate":1631532460511,"gmtModify":1631891859410,"authorId":3559581955535845,"author":{"id":3559581955535845,"idStr":"3559581955535845","authorId":3559581955535845,"name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"currentWearingBadge":{"badgeId":"c4ee29b388ff41cc8462b3b7ea00d1e2-1","templateUuid":"c4ee29b388ff41cc8462b3b7ea00d1e2","name":"Monthly Top Contributor","description":"Top 3 Contributors with the most and best Editor's Picks every month","bigImgUrl":"https://static.tigerbbs.com/b0cad6192443c33dca826a001250fbd4","smallImgUrl":"https://static.tigerbbs.com/5ccd98c646815ce7610b0df338e060cc","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/TW/9000980585","hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.02","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":2003},"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[{"badgeId":"9427a906234c4b18a82ec3d7730b7fa8-1","templateUuid":"9427a906234c4b18a82ec3d7730b7fa8","name":"Star Contributor","description":"Have published 3 or more picked posts, and have published at least one picked post and participated in comments within 30 days","bigImgUrl":"https://community-static.tradeup.com/news/1866dcf97a73be1c330f85862546aedc","smallImgUrl":"https://community-static.tradeup.com/news/4f5c5fa8e2c7683bb5a7fce8753ee456","redirectLinkEnabled":1,"redirectLink":"https://ttm.financial/activity/market/2023/star-contributors/","hasAllocated":1,"isWearing":0,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.12.24","individualDisplayEnabled":1,"backgroundColor":{"dark":"#675a37","tint":"#f9ebc2"},"fontColor":{"dark":"#ffffff","tint":"#ab7a0e"},"individualDisplaySort":0,"categoryType":2007}]},"repliedAuthorId":0,"objectId":128794674,"type":1,"supId":0,"prevId":0,"content":"??","text":"??","html":"??"}],"langContent":"EN"},{"id":128702517,"gmtCreate":1624530203339,"gmtModify":1703839488428,"author":{"id":"3563421686188310","authorId":"3563421686188310","name":"Hopehope赋予希望","avatar":"https://community-static.tradeup.com/news/46495f44529967f5d3b4d03a47167f5b","vip":2,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":9,"crmLevelSwitch":1,"idStr":"3563421686188310","authorIdStr":"3563421686188310"},"htmlText":"Stabilising for the markets. View of Shanghai index hitting 3,600 and Shenzhen exceeding 15,000 remain intact","listText":"Stabilising for the markets. View of Shanghai index hitting 3,600 and Shenzhen exceeding 15,000 remain intact","text":"Stabilising for the markets. 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