Interbank lending rates hit new high

By He Shan
0 Comment(s)Print E-mail China.org.cn, June 21, 2011
Adjust font size:

Interbank lending rates hit new high

银行间市场利率创2月以来新高

 

China's 7-day repurchase rate, a gauge of interbank lending conditions, jumped over 7 percent Monday. The rise pointed to a worsening cash squeeze facing commercial banks as a hike in bank reserve ratios announced last week took effect.


To avoid a disruption to the money supply for commercial banks, the central bank injected around 50 billion yuan in liquidity into two major commercial banks through reverse repo on Monday, said an unconfirmed report by China Securities Journal.

According to the arrangements of the central bank, there is limited room for the lending rates to rise in the future, but tight market liquidity won't ease very soon due to the reserve ratio requirement and seasonal factors, analysts said.

Given the banks' deposit balance at the end of May, analysts calculated that the Monday reserve ratio payment required by the central bank could mop up 380 billion yuan (US$58.4 billion).

The monthly reserve ratio payment has exerted great pressure on the banks, which have been already facing a cash squeeze.

 

随着20日央行上调法定存款准备金率缴款日的到来,银行间市场流动性紧张程度达到高峰。当日,货币市场资金利率全线上扬,7天回购利率突破7%,略低于1月底个别时点。

另有交易员透露,为避免银行资金链断裂,20日央行对两家大银行实施了500亿元逆回购操作,但中国证券报记者向这两家银行求证,并未得到确认。

分析人士认为,在央行的投放安排下,未来资金利率继续向上空间有限,但考虑到短期缴款影响与季末考核因素,流动性紧张局面不会很快缓解。

以5月末人民币存款余额测算,央行最近一次上调准备金率可冻结银行体系资金约3800亿元。


由于央行坚持逐月“提准”,银行资金链相当紧张,此次准备金缴款再次在货币市场形成较大冲击。

China's business press carried the story above on Tuesday.

 
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter