China Swap Rate Climbs Most in Two Weeks as Easing Bets Recede
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China’s interest-rate swaps rose the most in more than two weeks as a researcher at a state institution said another cut in borrowing costs this year is unlikely.
The People’s Bank of China probably won’t add to four reductions since November, Chen Bingcai, a researcher at the Chinese Academy of Governance, wrote in a commentary in the China Securities Journal on Thursday. The PBOC drained a net 540 billion yuan ($87 billion) via three-month loans in the Medium-term Lending Facility in June, data showed on Wednesday.