China’s money rates flat, RRR cut offsets rising cash demand for tax payment

China’s primary money rates
were largely flat for the week, as cash support from a reduction
in bank’s reserve requirement offset rising demand from
corporates to make tax payments.
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 2.6042
percent, about 1 basis points higher than the previous week’s
closing average rate of 2.5933 percent.
On Mon