July 22, 2024 01:28 GMT
MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp
MNI (Singapore)
(MNI)Beijing
Central Bank NewsPolicy NewsPBOCAPACChinaEM Policy NewsEM Policy StoryEM BriefEM Central Bank NewsPeoples Bank of ChinaBriefStoryRegion
True
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.
Keep reading...Show less
110 words