China's money rates firm on pre-holiday demand, IRS edge up

SHANGHAI: China's money rates rose slightly on Monday as dealers prepared for the upcoming Spring Festival holiday, traders said.

Chinese banks are accumulating cash for a seasonal surge in withdrawals for the week-long Spring Festival holiday which starts this weekend.

The benchmark weighted-average seven-day bond repurchase rate rose nearly 10 basis points to 3.43 percent from 3.33 percent at the close on Friday.

The 14-day repo rate rose to 3.8808 percent from 3.6585 percent, and the one-day repo rate rose to 2.86 percent from 2.69 percent.

In the bond market, interest rate swaps (IRS) rose slightly on Monday.

One-year IRS was at 3.15 percent, up from Friday's close of 3.14 percent, while the benchmark five-year IRS rose to 3.75 percent from 3.73 percent.