China’s Shibor Climbs to Seven-Week High as PBOC Withdraws Funds
- PBOC policy tilted toward curbing leverage, Huafu says
- Yuan to remain steady ahead of week-long holiday: Scotiabank
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Yuan borrowing costs in Shanghai rose to a seven-week high as China’s central bank pulled funds from the financial system for the second day in a row.
The one-month Shanghai Interbank Offered Rate climbed to 2.74 percent, the highest since Aug. 4, according to the National Interbank Funding Center. The fixing was released after the nation’s monetary authority drained a net 95.1 billion yuan ($14.3 billion) from the financial system, adding to Monday’s 245 billion yuan withdrawal that was the biggest in six months.