A rundown of the news making headlines in and around China:
Monetary toolkit: China’s central bank launched a new tool Monday for fine-tuning the amount of funds it pumps into the financial system. The outright reverse repo will allow the People’s Bank of China (PBOC) to add funds by temporarily buying treasury, local government and other bonds from primary dealers. The new instrument is expected to fill a gap left by the central bank’s current slate of major liquidity injection tools, giving the PBOC the option to inject funds into the financial system for periods of three or six months.
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