- China's short-term money market rates have continued to climb even after the central bank yesterday injected 13B yuan ($2.13B) into the market in an effort to ease worries that it was planning a major tightening of policy.
- The seven-day repo rate rose 64 bps to 5.59%.
- However, analysts believe that the increase in rates is seasonal, and they aren't too worried that rates will spike to the extreme levels seen in June. They also reckon that the central bank will soon provide more cash for the markets.
- The Shanghai Composite is +1.4%.
- ETFs - Stocks: FXI, GXC, PGJ, YAO, FCHI, PEK, CAF, YXI, XPP, FXP, MCHI, YINN, YANG, TCHI, CHXF, KFYP, HAO, ECNS. Bonds: DSUM, CHLC. Currency: CNY, CYB, FXCH
China's money market rates rise again but analysts unfazed
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