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Large Medium SmallChina's money-market rate rose the most in a month on speculation that cash supply will wane after the central bank reined in sales of reverse-repurchase contracts.
The People's Bank of China offered 8 billion yuan ($1.3 billion) of seven-day reverse repos today, the least since July 5. A total 145 billion yuan of the contracts will be redeemed this week, including 95 billion yuan on Tuesday dating to China Merchants Bank Co data.
"Liquidity has turned a bit tight because the reverse-repo amount is much less than redemptions," said Guo Caomin, a bond analyst at Industrial Bank Co in Shanghai. "No one is clear about the PBOC's motivation behind this."
Agencies - China Daily
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