China Money Rates Retreat After PBOC Said to Inject Cash

``"The worst is over; the PBOC is likely to serve as a last resort and intervene to calm the markets and avoid such huge volatility," said Chen Qi, a Shanghai-based strategist at UBS Securities Co. "Although a reduction in interest rates or reserve ratios is not likely in order to avoid confusing policy signals, we do think reverse repos are very likely to be resumed and PBOC will use window guidance as well. We expect liquidity tightness to persist."'' -- China was not about to allow any "Lehmans" to happen...