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China Steps Up Reverse-Repo Operations to Alleviate Cash Crunch

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Aug. 21 (Bloomberg) -- China’s central bank stepped up reverse-repurchase operations today to ease a cash crunch, injecting 150 billion yuan using seven-day contracts and a further 70 billion yuan via 14-day agreements, according to a trader at a primary dealer required to bid at the auctions.

That’s the biggest one-day injection since the current round of reverse repos started in late June. The previous high was 143 billion yuan on July 3.

The seven-day repurchase rate was eight basis points higher at 3.71 percent as of 10:05 a.m. in Shanghai, according to a weighted average. The one-year interest-rate swap fell one basis point to 3.03 percent.

To contact the reporter on this story: Kyoungwha Kim in Singapore at kkim19@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

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