Thu, 27 Jun 2013 09:13:26 GMT
Chinese stocks recovered but money market remains tight
Chinese stocks recovered some of its recent heavy loses, which occurred due to the cash crunch last week. Chinese authorities allowed rates to rise and liquidity to tighten and intervened only when investors started worrying about potential financial crisis. However, the rates remain above long-term average. The weighted average of seven-day repurchase agreement rate stands at 6.74%, much higher than