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Strategies & Market Trends : Asia Forum

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To: tekgk who wrote (418)	1/4/1998 12:12:00 PM
From: Rational	Read Replies (1) of 9980

Tekgk: From what I have understood (gleaning through recent press), China decreased the interest rate on Chinese banks' deposits with the central bank of China to induce banks to lend more (to spur growth) rather than find a safe haven at the CB. But, when the banks grumbled, the CB moderated the reduction in the rate. I do not think, this flip-flop is related to yuan devaluation which others are speculating. Sankar << About two weeks ago China lowered over night rates from just under 9% to just over 1% then suddenly reversed course a few days later. I thought that this was the first shoe to drop, but I guess that I just don't know enough about the banking system over there. If anyone understands what the interest rate manipulation was all about, I would sure love to hear from you.>>

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