The weighted average of rates on the pledge-style repo, a short-term financing instrument with securities pledged as collateral¹, dropped 154 basis points year on year to 1.95 percent in December 2015, while that of interbank borrowing dipped 152 basis points to 1.97 percent, according to a new report from the People's Bank of China, the central bank.

 

Companies also saw lower bond financing costs. The weighted average of issuing rate on fixed-rate corporate² bonds declined 146 basis points from the previous year to 4.06 percent in December 2015 while yields on five-year corporate bonds rated AAA and AA+ also dropped 150 and 172 basis points respectively by year end.

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