China's Overnight Interbank Rate Plunges Friday-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Production data
  • Market commentary
  • Macroeconomics
  • Morning comments
  • Futures movement
  • NPI
  • Copper
  • Aluminium
  • Nickel
  • Nickel ore
  • In the United States
  • trade negotiations
  • nickel laterite

China's Overnight Interbank Rate Plunges Friday

Industry News 03:59:39PM Jun 21, 2013 Source:SMM

Updated: 2013-06-21 (Xinhua)- China's overnight interbank offered rate took a dive on Friday after hitting a record-high 13.44 percent on Thursday, new official data show.

The Shanghai Interbank Offered Rate overnight rate, a basic gauge of interbank borrowing costs, plunged 495.2 base points to 8.49 percent on Friday, according to data from the National Interbank Funding Center.

The overnight rate had witnessed a rising trend since the beginning of this month on tight liquidity before hitting record-high 13.44 percent on Thursday.

The State Council, China's cabinet, said at a meeting on Wednesday that the government will maintain a prudent monetary policy with a reasonable scale of monetary aggregates.
 

Price

more
#1 Refined Cu
Oct.18
46740.0
40.0
(0.09%)
Standard-Grade Copper
Oct.18
46730.0
40.0
(0.09%)
High-Grade Copper
Oct.18
46750.0
45.0
(0.10%)
Guixi copper
Oct.18
46750.0
40.0
(0.09%)
Low-quality copper
Oct.18
46700.0
45.0
(0.10%)

China's Overnight Interbank Rate Plunges Friday

Industry News 03:59:39PM Jun 21, 2013 Source:SMM

Updated: 2013-06-21 (Xinhua)- China's overnight interbank offered rate took a dive on Friday after hitting a record-high 13.44 percent on Thursday, new official data show.

The Shanghai Interbank Offered Rate overnight rate, a basic gauge of interbank borrowing costs, plunged 495.2 base points to 8.49 percent on Friday, according to data from the National Interbank Funding Center.

The overnight rate had witnessed a rising trend since the beginning of this month on tight liquidity before hitting record-high 13.44 percent on Thursday.

The State Council, China's cabinet, said at a meeting on Wednesday that the government will maintain a prudent monetary policy with a reasonable scale of monetary aggregates.