Markets Are Higher After The Bank Of China Saves The Day

Wikimedia CommonsYesterday was a total bloodbath in the market.

Today, markets are generally green.

The difference. The People’s Bank of China reportedly stepped in and eased the massive liquidity crunch in the Chinese banking market that was sending China’s version of LIBOR (SHIBOR) higher.

The intervention reduced she SHIBOR rate significantly, and today markets are higher in Europe and in the US futures market.

It’s not a massive snapback, but for now, things are calm.

Incidentally, Chinese stocks fell another 0.5%, hitting brand new lows.

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