Is China Close to Rebalancing Its Economy?
China’s money market is showing increasing signs of a shortage of cash, with interest-rate swaps climbing to a six-month high and banks paying higher interest to obtain government funds. Short-term borrowing costs have failed to come down after the week-long National Day holidays ended Oct. 7 as the central bank’s efforts to curb leverage -- including extending the tenor of lending tools -- indicated that it wants to strengthen control of interbank liquidity. Communist Party leaders are gathering in Beijing this week for a full meeting of the party’s Central Committee, or plenum, a key forum for securing broader support for policy moves. Commerzbank Global Equities Economist Peter Dixon discusses with Mark Barton on "Bloomberg Surveillance."
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