Reuters exclusively reported China’s attempts to keep the yuan from falling contributed to last week’s chaos in money markets, pointing to the pressure behind the scenes as Beijing tries to guide its economy and markets through a major slowdown.
EconomyGovernment
China’s clashing priorities behind rare money market distress
07 November 2023, 1:50 pm 1 minute
Market Impact
Routine month-end demand for cash in China’s banking system snowballed into a scramble on Oct. 31 that pushed short-term funding rates as high as 50% in some cases, an incident that authorities are now investigating.
Article Tags
Topics of Interest: EconomyGovernment
Type: Reuters Best
Sectors: Economy & PolicyGovernment & Public Services
Regions: Asia
Countries: China
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
