China money rates rise on seasonal cash pressure, stock exchange repos spike

SHANGHAI, Jan 23 (Reuters) - China's money markets rose on
Friday, with the major benchmark money rate gaining over 24
basis points on cash demand for month-end tax payments and the
looming lunar new year holiday that will close markets for a
week.
    The seven-day bond repurchase agreement closed
out the week averaging over 4.16 percent up from 3.92 percent
the previous Friday, the first time it has done so since
December. Other commonly traded tenors also rose.
    Liquidity conditions remain a subject of intense focus this
week given the condition of the stock market, where regulators
have been moving to tighten up the routing of credit out of the
interbank market and into stocks. 

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