China Money-Market Rate Rises as Zhou Signals Inflation Concern
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China’s money-market rate rose to a one-week high after central bank Governor Zhou Xiaochuan said yesterday the nation should be on “high alert” over inflation.
Consumer-price gains in February, distorted by the weeklong Lunar New Year holiday, reached a 10-month-high of 3.2 percent, official data showed March 9. The People’s Bank of China will sell 18 billion yuan ($2.9 billion) of 28-day repurchase contracts, which drain funds from the banking system, at a yield of 2.75 percent today, according to a statement posted on the central bank’s website.