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PBoC Injects $14bn Amid Angst Over Evergrande Woes: Bloomberg

China Evergrande signage is displayed at a news conference on the property developer's annual results in Hong Kong, in March 2017. File photo: Bobby Yip, Reuters.

(AF) The People’s Bank of China has sunk $14 billion into the Chinese financial system to allay fears that banks won’t be able to provide for companies’ funding needs and also as concern mounted about China Evergrande’s debt problems, Bloomberg reported.

The report said the funding through short-term reverse repurchase agreements was provided because banks are often reluctant to lend as the end of financial quarters approach. The Evergrande saga is also weighing on China’s huge real estate sector, it added. Full report: Bloomberg  

 

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Mark McCord

Mark McCord is a financial journalist with more than three decades experience writing and editing at global news wires including Bloomberg and AFP, as well as daily newspapers in Hong Kong, Sydney and Melbourne. He has covered some of the biggest breaking news events in recent years including the Enron scandal, the New York terrorist attacks and the Iraq War. He is based in the UK. You can tweet to Mark at @MarkMcC64371550.

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