PBOC Vows More Liquidity After Surge in China Money Market Rates

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(Bloomberg) -- The People’s Bank of China will likely inject ample liquidity into the money market after interest rates surged on Tuesday, according to a...

-- The People’s Bank of China will likely inject ample liquidity into the money market after interest rates surged on Tuesday, according to a person close to the central bank, as state media blamed financial institutions for “disturbing” the market.Money market rates will likely retreat toward the rates used in the central bank’s open market operations from Wednesday, said the person, who asked not to be identified. Liquidity in the banking system is relatively abundant, the person added.

The report tried to downplay overall market risks. “Only a small number of nonbank institutions and asset management products are financing at high interest rates. The number and amount of transactions account for a low proportion of the entire market,” it said. Meantime, China’s latest economic data signaled continuing challenges. The country’s factory activity fell back into contraction in October, while an expansion of the services sector unexpectedly eased — suggesting that the is in need of support, according to the official manufacturing purchasing managers’ index released Tuesday.

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