Monday, February 3, 2020

As Chinese Economy Grinds To A Halt, PBOC Makes Massive Liquidity Injection, Stocks Soar

Here's one of the posts from Global Times' Coronavirus Updates (on blogroll at right):
5:39 pm Feb 3

12.615 million passenger trips by railways, roads, waterways and air were made on Sunday, down 86.3 percent from the same day last year: Ministry of Transport said Monday. The nCov2019 outbreak has significantly impacted travel.
And from ZeroHedge, at 21:02: 

US, China Stocks Surge Higher After PBOC Injects Another 400 Billion Yuan
After yesterday's net CNY150billion liquidity injection didn't work (in rescuing stocks), PBOC decided to more than double it tonight and the plunge-protectors injected a net CNY400 billion, sending yuan and US and Chinese equity markets soaring...

The PBOC injected CNY500b with reverse repo (380bn in 7-day repo and 120bn in 14-day repo) and accounting for CNY100bn in maturing repo, that nets to CNY400 billion liquidity injected.
Yuan soared...

The Shanghai Composite exploded higher after opened down over 2%...