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MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

MNI (Singapore)
(MNI)Beijing

The People’s Bank of China revealed it would cut the 7-day reverse repo rate by 10 basis points on Monday to boost the economy, according to a statement on the central bank’s website.

Starting from Monday, the interest rate for the 7-day reverse repurchase operations in the open market will be adjusted 10bp to 1.7%, “in order to further enhance countercyclical adjustments and increase financial support for the real economy,” the statement said. This represents the rate's first reduction since August 2023. (See MNI: PBOC Repos First Step To Narrower Rates Corridor-Advisors)

The Bank also said the 7-day reverse repo operation would be adjusted to a fixed rate and quantity bidding.

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