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MNI BRIEF: PBOC Cuts Key Policy Rate10bp To Shore Up Economy

MNI (Singapore)
(MNI)Beijing

The People’s Bank of China cut the 7-day repo rate by 10bps on Tuesday due to increasing economic headwinds.

The key policy rate was reduced to 1.9% from 2%, the first cut since last August. MNI reported the possible cut last week, citing advisors and analysts. Market speculation over a reduction to the medium-term lending facility’s rate, due this Thursday, has also risen after the cut (see: MNI: PBOC Rate Cut Expectations Build After Deposit Cuts).

  • The PBOC conducted CNY2 billion via 7-day reverse repos on Tuesday, and the operation aims to keep banking system liquidity reasonable and ample, the PBOC said on its website.
  • CNH dropped fast after the cut to 7.1687 against U.S dollar, while yield of 10-year CGB fell 3bps to 2.6600.
  • The 7-day weighted average interbank repo rate for depository institutions (DR007) rose to 1.9571% at 09:33 am local time from the close of 1.8000% on Monday.
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