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China central bank injects $20B to ease investors
Published: Jan 4, 2016 10:40 p.m. ET
By
LinglingWei
HONG KONG--China's central bank injected 130 billion yuan ($19.9 billion) in short-term funds into the country's financial system, according to a statement, in an effort to help calm jittery investors after Monday's sharp stock selloff.
The People's Bank of China offered the funds in the form of what are known as seven-day reverse repos on Tuesday at an interest rate of 2.25%, according to the statement.
The action came after the PBOC on Monday opted not to renew a credit line of the same amount to China Development Bank, a major policy bank, in the belief that market liquidity had remained ample.
However, that move made investors think that the central bank intended to tighten monetary policy as part of the leadership's plans to carry out long-pledged reforms to put the economy on a more sustainable path.
By pumping the funds to the market Tuesday, the PBOC is trying to signal to investors that it hasn't changed its easing bias, according to people close to the central bank.
Chinese stocks dropped 7% Monday, triggering a halt to trading and leading to a global selloff. On Tuesday morning the Shanghai stock market's main benchmark index was up 0.3%.
http://www.marketwatch.com/story/china-central-bank-injects-20b-to-ease-investors-2016-01-04
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