Interbank lending rates hit new high
- By He Shan
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China.org.cn, June 21, 2011
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Interbank lending rates hit new high |
銀行間市場利率創2月以來新高 |
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China's 7-day repurchase rate, a gauge of interbank lending conditions, jumped over 7 percent Monday. The rise pointed to a worsening cash squeeze facing commercial banks as a hike in bank reserve ratios announced last week took effect.
According to the arrangements of the central bank, there is limited room for the lending rates to rise in the future, but tight market liquidity won't ease very soon due to the reserve ratio requirement and seasonal factors, analysts said. Given the banks' deposit balance at the end of May, analysts calculated that the Monday reserve ratio payment required by the central bank could mop up 380 billion yuan (US$58.4 billion). The monthly reserve ratio payment has exerted great pressure on the banks, which have been already facing a cash squeeze. |
隨著20日央行上調法定存款準備金率繳款日的到來，銀行間市場流動性緊張程度達到高峰。當日，貨幣市場資金利率全線上揚，7天回購利率突破7%，略低于1月底個別時點。 另有交易員透露，為避免銀行資金鏈斷裂，20日央行對兩家大銀行實施了500億元逆回購操作，但中國證券報記者向這兩家銀行求證，并未得到確認。 分析人士認為，在央行的投放安排下，未來資金利率繼續向上空間有限，但考慮到短期繳款影響與季末考核因素，流動性緊張局面不會很快緩解。 以5月末人民幣存款余額測算，央行最近一次上調準備金率可凍結銀行體系資金約3800億元。
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China's business press carried the story above on Tuesday.
