The PBOC has injected a net of 1.035 trillion yuan via reverse repos so far this week, an all time high. This week’s injection so far of over CNY 1 trillion suggests that there may be something more to the banks’ liquidity needs than simple calendar action. Source: ZeroHedge
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A U.S. warship carried out a “maneuvering drill” when it sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, to show Beijing it was not entitled to a territorial sea around it, U.S. officials said on Thursday. Source Reuters
A downturn in Greece’s property market deepened in the first quarter, as uncertainty over its bailout program and chronic weakness in its banking sector further eroded a traditional pillar of the country’s ailing economy. Source ekathimerini
China’s Finance Ministry Wednesday dismissed a decision by international rating agency Moody’s to downgrade China’s credit ratings.
The downgrade was based on the “pro-cyclical” rating approach which is “inappropriate,” the Ministry of Finance (MOF) said. Source People’s Daily