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China’s Central Bank Injects $4.6 Billion Cash to Soothe Market Crackdown Fears

July 29, 2021 by Forex Winner Leave a Comment

China’s Central Bank Injects $4.6 Billion Cash to Soothe Market Crackdown Fears

Source: Bloomberg

The People’s Bank of China injected 30 billion yuan or $4.6 billion of liquidity into its financial system in further moves to cool the market from regulatory fears.

CSI 300 is up +1.89%, Hang Seng Index is up +3.30%, USDCNY is down -0.49%.

China’s interbank borrowing costs fall after PBOC operation
  • PBOC’s move is a shift from its usual daily liquidity operations amid seasonal liquidity tightness in the financial system at month-end.
  • The liquidity injection happens following a rout in China’s stocks following market fears over Beijing’s crackdown on the private education sector.
  • The cash operation also occurs a day after China’s securities regulator convened a meeting with banking executives to ease the market fears.
  • Following China’s move, interbank borrowing costs fell on Thursday, with the overnight repurchase rate down the most in almost a month.

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