China’s $22 Billion Injection May Help Ease Global Market Rout [Yahoo! Finance News]
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Source: Yahoo! Finance News
) -- A $22 billion injection into Chinese markets won’t be enough to prevent the country’s stocks and currency falling on Monday, but it may ease a global sell-off sparked by the spread of the coronavirus. That’s according to analysts after the People’s Bank of China and other regulators announced a slew of measures to shore up their financial markets when they re-open following the Lunar New Year holiday. The central bank said Sunday it will use reverse repurchase agreements to supply 1.2 trillion yuan of liquidity on Monday, with the figure coming to 150 billion yuan $21.7 billion) on a net basis, according to calculations. “This is well beyond the band-aid fix,” said Stephen Innes, a Bangkok-based chief market strategist at Axicorp. “If this deluge doesn’t hold risk-off at bay, we are in for a colossal beat down. In addition, the PBOC will likely intervene in the currency market, so I would expect them to layer the soothing market balm thick and heavy.” Since China’s onshore marke
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