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Thomas White - 1 repos - 1 Fan - 1 Ming Ming - 1 Ed Osmond - 1 Kirsten Donovan - 1
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REUTERS - 1 Rights - 1 Guolian Securities - 1 Caitong Securities - 1 Citic Securities - 1 Shanghai - 1 Thomson - 1

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☆ Some Chinese institutions borrow at 50% rate as liquidity squeezed
  + stars: | 2023-10-31 | by ( ) www.reuters.com   time to read: +2 min
The highest overnight rate for pledged repo - a short-term financing business - hit 50% on Tuesday, according to official interbank data, although the average rate remains modest at roughly 3.6%. Two-day repo rates jumped to as high as 30%, and the highest rate for seven-day repos was 12%. Several traders at small lenders were still seeking to borrow money in later afternoon trading when contacted by Reuters. The brokerage attributed the cash shortage to a "record supply" of government bonds, as well as restricted channels for banks to borrow money. The average seven-day repo rate - a widely watched indictor of short-term borrowing costs in China - remained modest at 2.0765% on Tuesday, meaning many institutions can still borrow money at relatively low rates.
Persons: Thomas White, repos, Fan, Ming Ming, Ed Osmond, Kirsten Donovan Organizations: REUTERS, Rights, Guolian Securities, Reuters, Caitong Securities, Citic Securities, Shanghai, Thomson Locations: China
☆ Smaller Chinese banks cut deposit rates on squeezed margins
  + stars: | 2023-04-11 | by ( ) www.reuters.com   time to read: +3 min
BEIJING, April 11 (Reuters) - Several small and mid-sized banks in China have lowered their deposit interest rates, a move that could help ease costs as loan growth faces more pressure amid rising economic risks. "But the costs of liabilities of banks remain relatively rigid, and net interest margins continue to shrink, which added to their operating pressures," he said. Nicholas Zhu, a banking analyst at Moody's, said smaller banks' pricing changes usually follow larger banks' initiatives with a time lag. In September, China's largest banks lowered deposit rates in their first broad-based move since 2015 to ease margin pressure. Lower deposit rates could also help ease banks' margin pressures at a time when investors have raised their hopes for a cut in lending rates to prop up the economy.
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