Economics
China Money Rate Slides as PBOC Adds; Yuan Gains to 20-Year High
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China’s benchmark money-market rate posted its biggest weekly drop since 2011 as central bank cash injections and fiscal fund transfers boosted supply. The yuan rose to the strongest level in 20 years.
The seven-day repurchase rate tumbled 252 basis points since Dec. 20, the biggest decline since July 2011, to 5.08 percent in Shanghai, a daily fixing from the National Interbank Funding Center showed. The gauge of funding availability in the banking system fell 25 basis points, or 0.25 percentage point, today.