Chinese shares rise as liquidity eases further


Chinese shares closed up 0.6% in thin trading as short-term money market rates dropped for a second day in a row after previously rising sharply and hurting stocks.

The seven-day repurchase rate fell 86 bps to 5.58% following an injection of capital from the People's Bank of China, which had refrained from such moves for much of December.

Year-end tax refunds that businesses received from the government and deposited in bank accounts also helped to increase liquidity among banks.

Hong Kong was closed for Christmas.

ETFs: FXI, PGJ, GXC, FXP, HAO, CYB, YINN, CNY, TAO, CHIQ, CHIX, MCHI, YANG, PEK, ASHR, CQQQ, XPP, QQQC, DSUM, YAO, CHXX, CHII, KWEB, FXCH, CHXF, ECNS, CHIE, YXI, CHIM, KFYP, FCA, TCHI, CHLC, CHNA

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Comments (1)
  • omarbradley
    , contributor
    Comments (966) | Send Message
     
    i think the key phrase is "deposited in bank accounts" not just "year end tax refunds." in other words "you have to have a bank account to get the tax refund."
    25 Dec 2013, 07:20 PM Reply Like
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