(Yicai Global) Oct. 31 -- China's central bank, the People's Bank of China (PBOC), has injected fresh funds into the financial system for the ninth consecutive day via open market operations on Tuesday.
The open market operation further pushed up the Shanghai Interbank Offered Rate (SHIBOR) for three-month loans to the highest point seen since Sept. 11, and the rate was now been up for 16 consecutive trading days.
PBOC conducted a seven-day reverse repo of CNY140 billion (USD21.08 billion), a 14-day reverse repo of CNY60 billion, and a 63-day reverse repo of CNY100 billion, offset by CNY220 billion of previous reverse repos that mature today, resulting in a net cash injection of CNY 80 billion.
The seven-day reverse repo bid rate was 2.45 percent, while the 14-day rate was offered at 2.60 percent and the 63-day rate was set at 2.90 percent, all unchanged from the previous open market operation.
The overnight SHIBOR was up 1.60 basis points at 2.7360 percent. The one-week term rate rose 0.60 basis points to 2.8940 percent. The SHIBOR for three-month loans increased 0.28 basis points to 4.3954 percent, the highest since Sept. 11.