1. Text: | Print|

      PBOC's liquidity injections fell in 2013 to 113.8b yuan

      2014-01-02 09:46 China Daily Web Editor: qindexing
      1

      The People's Bank of China, the nation's central bank, injected a net total of 113.8 billion yuan ($18.6 billion) into the country's banking system through open market operations in 2013, a decrease of 92 percent compared with 2012, according to a Securities Times estimate.

      The central bank adjusted liquidity levels on China's money market mostly via the issuance of central bank bills as well as repurchase agreements, known as repos, and reverse repos. Analysts said that it's becoming clearer that the central bank is taking a more prudent position. The PBOC is urging lenders to avoid shadow-banking activities, cooling some overheated sectors such as real estate, and curbing local governments' infrastructure programs, analysts added.

      In June and December, money rates in China's interbank market spiked to record highs, and some market participants fretted about liquidity levels. Many observers said that the credit crunch was caused by the central bank's hands-off policy, as it refused to aid some market players with cash injections.

      "The tougher ones are yet to come. It seems that the central bank will prevent any bank from defaulting, which would cause systemic problems. But it will keep forcing the banks to better manage their cash flows," said Xu Gao, chief economist and head of economic research at China Everbright Securities Co Ltd.

      The upcoming Chinese New Year, which will begin on Jan 31, will see the seven-day repo rate at relatively high levels of 5 to 6 percent until early February, compared with the 3 to 4 percent levels seen for most of 2013, analysts said. The rate may be even higher in late January, ahead of the major holiday period.

      The credit crunch in June and December proved that "Chinese banks now rely more on the interbank market for funding because of increased competition for deposits - the result of bottom-up interest liberalization and pressure of rolling nonperforming loans," said Wang Tao, chief China economist at UBS China.

      Since the start of the global financial crisis in 2008, the Chinese economy has become increasingly dependent on ever-growing credit, mainly boosted by loans from State-owned banks to government-sponsored infrastructure and real estate projects.

      China's total social financing - a broad liquidity gauge - increased 13 percent in the first 11 months of 2013 compared with the same period in 2012. On the other hand, growth in the real economy has seen the slowest pace in years.

      Many analysts see the spikes in the interbank rates in June and December as a warning that China's economy is overburdened with debt. They added that the central bank has been urging banks to quicken their delevaraging pace.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 国产精品四虎在线观看免费| 91福利免费视频| 国产免费av片在线播放| 亚洲乱码一二三四区乱码| 国产精品成人免费福利| 亚洲图片中文字幕| 国产电影午夜成年免费视频| 久久久久亚洲AV无码专区首JN| 24小时免费看片| 亚洲国产精品成人综合久久久| 四虎在线成人免费网站| 国产精品亚洲片在线va| 成年人免费视频观看| 亚洲AV成人精品日韩一区| 国产18禁黄网站免费观看| 一级特黄a免费大片| 亚洲色精品vr一区二区三区| 日韩免费在线视频| 亚洲国产av美女网站| 免费无码黄动漫在线观看| 黄色网页免费观看| 亚洲精品制服丝袜四区| 精品免费久久久久久久| 亚洲熟妇AV一区二区三区宅男| 四虎永久成人免费影院域名| 久久不见久久见免费影院www日本 久久WWW免费人成—看片 | 亚洲五月综合缴情婷婷| 免费黄色一级毛片| 国产免费牲交视频免费播放| 亚洲国产成人一区二区三区| 国内精自视频品线六区免费| 亚洲av日韩综合一区久热| 久久精品亚洲福利| 色播精品免费小视频| 在线观看亚洲免费| 亚洲AV无码一区二区乱孑伦AS| 91网站免费观看| eeuss影院ss奇兵免费com| 78成人精品电影在线播放日韩精品电影一区亚洲 | 午夜免费福利在线| 国产成人精品无码免费看|