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China's Daily Interbank Trade Reaches Record High
Daily transactions for China's interbank money market reached a record high of 38.57 billion yuan on January 16, according to the Shanghai-based China Interbank Trade System.
The total included some 13.51 billion yuan for interbank lending, 23.85 billion yuan in bond repurchase agreements, and 1.93 billion yuan in spot bonds.
The weighted average interbank lending rate and bond-repurchasing rate were 2.599 percent and 2.522 percent, respectively.
Local experts said the growth demonstrated an increasing function of the interbank money market.
They mainly attributed the upward trend to a growing money supply from the New Year's Day to the Spring Festival, China's most important traditional holiday, which falls on January 24 this year.
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