China’s central bank has pumped a record amount of short-term funds into the financial system this week in an effort to pre-empt the cash crunch that usually accompanies the lunar new year holiday.
Aimed at smoothing seasonal turbulence, the total cash injection of Rmb2.2tn ($300bn) through the 14-day reserve repo — a short-term liquidity tool — comes as millions of residents prepare to travel home, settle tax bills and hand out cash-filled red envelopes.
While these injections are commonly seen during the holiday period, the size of this week’s operation has damped expectations of an imminent cut to banks’ reserve requirement ratio, the level of funds that banks must hold in reserve.
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