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China Repo Rate Falls Most in 2 Months on Record Cash Injection

China’s benchmark money-market rate fell the most in two months after China pumped in a record 860 billion yuan ($138 billion) into the financial system to meet cash demand before next week’s holidays.

The People’s Bank of China injected 410 billion yuan using 14-day reverse-repurchase contracts yesterday, after adding 450 billion yuan on Feb. 5. The monetary authority pumped in a net 662 billion yuan into the financial system this week. China’s financial markets will be shut for a week starting Feb. 11 for the Lunar New Year break.

The seven-day repurchase rate, which measures interbank funding availability, declined 57 basis points, the most since Dec. 4, to 3.53 percent in Shanghai, according to a weighted average compiled by the National Interbank Funding Center. The rate rose 20 basis points this week.

“The repo rate is finally showing some signs of stabilization after a record amount of liquidity injection this week,” said Wee-Khoon Chong, a strategist at Societe Generale SA in Hong Kong. “We expect the seven-day repo rate to normalize into the 2.50 percent to 3.50 percent range as the market reopens” after the holidays, he said.

The one-year interest-rate swap, the fixed cost needed to receive the floating seven-day repo rate, dropped two basis points, or 0.02 percentage point, to 3.13 percent, according to data compiled by Bloomberg. It fell five basis points this week.

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