SHANGHAI - China's money market rates were little changed on Monday, with dealers saying that both supply and demand for funds appear stable.
Money demand will likely be on the longer tenors this week, as banks work to ensure they can meet elevated cash demand in the year-end period, traders said.
The benchmark weighted-average seven-day bond repurchase rate fell slightly to 3.3420 percent from 3.3810 percent at the close on Friday.
The 14-day repo rate rose to 3.5522 percent from 3.4970 percent, while the overnight repo rate was little changed at 2.2682 percent from 2.2609 percent.
"Funding conditions have changed little, and I think the situation should last for while," said a dealer with a Chinese bank in Beijing.
Traders said that they were focused on the central bank's twice-weekly open market operations, which give guidance for the movement of rates.
Maturing central bank bills and bond repurchase agreements will drain a net 203 billion yuan (S$39.76 billion) this week.
In addition to fund injections via open market operations this week, the finance ministry's transfer of funds out of its account at the central bank and into commercial banks is also expected to boost liquidity this month.
In the bond market, interest rate swaps (IRS) firmed on Monday, with one-year IRS quoted at 3.4 per cent, up slightly from Friday's close of 3.37 per cent, while the benchmark five-year IRS rose to 3.63 per cent from 3.60 per cent.