China’s tight liquidity just got a little tighter. At the end of May, Goldman Sachs’ financial conditions index – a blend of interbank rates, single-A corporate bond yields, the trade-weighted currency, and equities – was nudging the same levels as August 2008, consistent with a determined tightening. Since then, a surge in short-dated interbank rates above longer-maturity contracts has been accompanied by confirmation of a slump in renminbi loan growth, down almost a fifth in May, year-on-year. Just when the nation seemed to be crying out for a little liquidity relief, then, the People’s Bank obliged on Wednesday with a quarter-point increase in one-year interest rates, effective on Thursday.
manbetx3.0 本来就偏紧的流动性现在更紧了一点。5月底，高盛(Goldman Sachs)金融状况指数(Financial Conditions Index)——对银行间同业拆放利率、A级企业债券收益率、贸易加权汇率以及股票价格的综合衡量——趋近2008年8月的水平，这与坚定的收紧政策吻合。自那以来，短期银行间同业利率飙升，高于期限更长的合约，同时人民币贷款增长大幅趋缓，5月份同比下降近五分之一。就在全国上下似乎在呼唤流动性的时候，manbetx3.0 央行周三宣布将一年期利率上调25个基点，从周四起执行。