China's Interbank Rates Move Lower Despite PBOC Skipping OMOs Again
Tang Shihua
DATE:  Oct 08 2019
/ SOURCE:  yicai

(Yicai  Global) Oct. 8 -- The Shanghai Interbank Offered Rates edged lower today despite the People's Bank of China opting to skip open market operations and effectively withdrawing cash from the nation's monetary system.

The overnight SHIBOR moved 0.80 basis points lower to 2.6270 percent and the one-week rate was down 15.50 bips at 2.6880 percent. The SHIBOR for three-month loans also slid 0.4 bips to 2.7240 percent.

Today was the third straight trading day the central bank skipped OMOs after opting not to inject liquidity on Sept. 29 and Sept. 30, before the week-long National Day holiday. There is ample liquidity in the financial system, it said today in a press briefing explaining its decision.

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Keywords:   Interbank Market,SHIBOR,Open Market Operation,PBOC