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China's money markets relax as NBK tries to avoid liquidity shock
China's money markets retreated from recent highs after the country's central bank provided liquidity to stem a bond sell-off that could have triggered panic among retail investors.
One-day interbank funding for the week posted its biggest drop in six weeks, and yields on one-year government bonds fell to their lowest level since August. It was the second consecutive day on Friday.
Chinese bonds came under pressure this week as bidders cut rates on aggressive policy easing.
The interbank short-term cost indicator ended the week down 32 basis points to 1.35%, the biggest daily decline in two weeks. Single-year bond yields fell five basis points after rising more than 30 basis points over the past five sessions.
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