China’s benchmark money market interest rates tumbled Friday, amid the People's Bank of China applying pressure on banks to release more cash to ease the country's worsening liquidity crunch.
The money market rates saw the biggest drop since 2007, when the one-day repurchase rate tumbled 384 basis points, or 3.84 percentage points, to 7.90 percent earlier Friday. The seven-day rate tumbled 351 basis points to 8.11 percent. Both rates posted record highs yesterday at 13.91 and 12.45 percent respectively.
Citibank...
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