Tighter Liquidity in Money and Bond Market Is Modestly Positive for Large Chinese Banks
In advance of the Fed rate hike, liquidity in China has been tightening since early November. To curb excess financial leverage in the capital market, the People's Bank of China, or PBOC, modestly lifted the seven-day repo rates recently. As a result, the seven-day repo rate surged to 3.49% from the 2.70% average for the first 10 months, up 54 basis points from year-end 2015. The increase in interbank rates led to higher risks and lower profitability for financial institutions to conduct leverag...
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