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7-day repo rate rises to 1-week high

By Wang Yanlin   (Shanghai Daily)

09:21, March 15, 2013

CHINA'S interbank money rate widened by nearly 5 basis points yesterday to a one-week high after the country's central bank chief indicated a tightening policy stance.

The seven-day repurchase agreement rate, which measures interbank funding availability, climbed 0.049 percentage point from a day earlier to 3.084 percent yesterday, official data showed.

The rate rise echoed the remarks by the People's Bank of China Governor Zhou Xiaochuan a day earlier that China will take a cautious approach on monetary policy, and be vigilant against a rebound in inflation.

The central bank withdrew a net 44 billion yuan (US$6.9 billion) from banks this week, up from last week's 5 billion yuan.

"China's monetary policy will remain prudent in 2013 to fend off growing inflationary pressure," Zhou told a press conference on Wednesday, saying policies to cool home prices will be strengthened in the future.

The Consumer Price Index, the main gauge of inflation, rose 3.2 percent annually in February, exceeding expectations.

Standard Chartered Bank said on Monday that inflation growth may reach 4 percent this year on an economic recovery and rebound in property deals.

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