China Banks Pay Most for State Funds in Six Months
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Chinese lenders paid the highest rate of interest since June to borrow government funds today, reflecting tighter monetary conditions in the world’s second-largest economy.
The People’s Bank of China auctioned 30 billion yuan ($4.9 billion) of three-month treasury deposits on behalf of the Ministry of Finance at 6 percent, according to a statement on its website. Interest-rate swaps and money-market rates also advanced as the central bank refrained from adding funds via reverse-repurchase agreements.