China’s primary money rates were down on the week as central bank open market injections kept liquidity abundant, but investors sold off treasuries after April lending data released a week ago suggested authorities may have begun paring back on large scale monetary easing.
The volume-weighted average rate of the benchmark seven-day repo traded in the interbank market, considered the best indicator of general liquidity in China, was 2.2519 percent, down seven basis points (bps) on the week. The one-day or overnight rate stood at 1.9743 percent, down two bps on the week, and the 14-day repo stood at 2.7174 percent, flat on the week.
