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China Money Rate Climbs as Cash Demand May Rise Before Holiday

China’s money-market rate climbed for the first time in nine days on speculation cash demand will increase before the Lunar New Year holiday that starts Feb. 11.

The People’s Bank of China asked banks today to submit orders for seven- and 14-day reverse-repurchase agreements this week, according to a trader required to bid at the auctions. The central bank has kept the yield on seven-day contracts unchanged at 3.35 percent at auctions since September.

“Liquidity may get tight from next week,” said Chen Lan, a bond analyst at Guotai Junan Securities Co. in Shanghai. “The unchanged seven-day reverse-repo rate shows the central bank’s target range for the rate is probably 3 percent to 3.5 percent.”

The seven-day repurchase rate, which measures interbank funding availability, rose one basis point, or 0.01 percentage point, to 2.75 percent as of 4:30 p.m. in Shanghai, according to a weighted average compiled by the National Interbank Funding Center. China’s financial markets will be shut from Feb. 11 through Feb. 15 for the holiday.

The one-year interest-rate swap contract, the fixed cost needed to receive the floating seven-day repo rate, dropped one basis point to 3.35 percent, according to data compiled by Bloomberg. The yield on the 2.95 percent government bonds due August 2017 rose two basis points to 3.25 percent, according to the Interbank Funding Center.

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