China Money Rate Climbs Most in a Month as Banks Build Reserves
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China’s benchmark money-market rate climbed the most in more than a month on speculation banks are hoarding cash to meet reserve requirements.
The People’s Bank of China gauged demand for sales of 91-day bills this week, according to a primary dealer required to bid at the auctions. The central bank also asked banks to submit orders for 28-day repurchase contracts and seven- and 14-day reverse-repurchase agreements, the trader said.