China Swap Rate Rises First Time in Three Days on Zhou Comments
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China’s one-year interest-rate swaps rose for the first time in three days after the central bank said it would refrain from large-scale stimulus measures to boost growth in Asia’s largest economy.
People’s Bank of China Governor Zhou Xiaochuan said the monetary authority is always fine-tuning its policies and some of that is invisible to the market, according to a report of his comments posted on the sina.com website on May 10. Zhou was responding to a question about whether a cut in banks’ reserve requirement ratio is imminent, it said. M2, China’s broadest gauge of money supply, rose 13.2 percent in April, more than the median estimate of 12.2 percent in a Bloomberg News survey.