China benchmark money rate opens at 4.98 pct, down sharply after injection
SHANGHAI Dec 20 (Reuters) - China's benchmark short-term money rate opened sharply down on Friday after rates spiked on Thursday, leading the central bank to announce it had injected cash directly into the market through a short-term liquidity operation (SLO).
The seven-day bond repurchase agreement opening quote was at 4.98 percent, down sharply from 7.10 percent at market close Thursday.
The People's Bank of China (PBOC) extended trading hours on Thursday to give traders more time to settle trades.
At one point on Thursday the seven-day repo was quoted at 9.8 percent, while the one-year interest rate swap based on the seven day repo hit an all time high of 4.99 percent. (Reporting by Pete Sweeney; Editing by Paul Tait)