China: Yet another spike in money market rates
The 7-day repo rate fixing jumped to 6.6% on Thursday, upfrom 4.7% at the end of November, and intraday pricing wentas high as 9.8% The central bank refrained from adding liquidity via reverserepos at its regular open market operations, pointing to afirm desire to control money supply growth Liquidity tightness is likely to persist until the Lunar NewYear is over in early February and the money market willlikely be kept in a tight balance throughout 2014
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