China's Central Bank Pumps Out a Record $60 Billion Before Holidays
- Central bank net addition most in data going back to 2004
- Authorities may also be preparing for any outflows: SocGen
Why Money Keeps Flowing Out of China
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China’s benchmark money-market rate jumped the most in two years, with record central bank cash injections being overwhelmed by demand before the Lunar New Year holidays.
The People’s Bank of China put in a net 410 billion yuan ($60 billion) through open-market operations on Wednesday, the biggest daily addition since Bloomberg began compiling the data in 2004. That brings the total injections so far this week to 845 billion yuan. The interbank seven-day repurchase rate jumped 35 basis points, the most since December 2014, to 2.76 percent, according to weighted average prices.