China Injects Most Liquidity Since February To Stem Evergrande Panic

• China Injects Most Liquidity Since February To Stem Evergrande Panic
  by Tyler Durden, https://www.zerohedge.com/
  With China finally realizing that it has drunkenly staggered into its own Lehman moment, complacently ignoring the risks until now amid hopes that Beijing would step in and make everything wonderful and instead Evergrande management finding itself held hostage in company offices by furious wealth product investors who just got the memo that the money is all gone, overnight Beijing finally showed the first signs of cracking when the stingy PBOC- which until now had merely been rolling existing liquidity keeping the overall total unchanged – injected the most cash cash into its banking system since February, in a clear sign authorities are seeking to avert the funding squeeze amid the intensifying debt crisis at China Evergrande which earlier this week sent funding conditions to the tightest levels in 4 years.
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  The People’s Bank of China added 90 billion yuan ($14 billion) of funds on a net basis through 50 billion in seven-day and 50 billion in 14-day reverse repurchase agreements on Friday offsetting 10 billion in maturities, the biggest one-day injection since February; it marked the first time this month it added more than 10 billion yuan short-term liquidity into the banking system on a single day.
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