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Hong Kong c.bank's 10 bln yuan quota for intra-day yuan funding nearly used up
January 6, 2017 / 3:31 AM / 9 months ago

Hong Kong c.bank's 10 bln yuan quota for intra-day yuan funding nearly used up

HONG KONG, Jan 6 (Reuters) - The Hong Kong Monetary Authority’s (HKMA) 10 billion yuan ($1.45 billion) quota for intra-day yuan funding has nearly been used up on Friday morning, according to Reuters data.

By 11 a.m local time (0300 GMT), 9.95 billion yuan of the quota had been utilised.

Offshore yuan funding has become extremely difficult in the new year as tight liquidity has pushed up short-term rates. The overnight implied yuan deposit rate surged to 112 percent on Friday morning.

The HKMA rolled out the intra-day repurchase facility to meet increasing demand for the Chinese currency ahead of the Shanghai-Hong Kong stock connect scheme in 2014.

$1 = 6.8898 Chinese yuan Reporting by Michelle Chen; Editing by Jacqueline Wong

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