(Yicai Global) Sept. 30 -- The Shanghai Interbank Offered Rates moved higher today after the People's Bank of China opted to skip open market operation and effectively withdrew cash from the nation's monetary system.
The overnight SHIBOR moved 138.60 basis points higher to 2.6350 percent and the one-week rate climbed 15.10 bips to 2.8430 percent. The SHIBOR for three-month loans also climbed 0.1 bips to 2.7280 percent.
The central bank allowed CNY20 billion (USD2.8 billion) worth of reverse repos to mature today without adding liquidity to the market. The PBOC believes there is ample liquidity at the moment thanks to government spending, it said in a press briefing explaining the decision.