July 22, 2024 01:43 GMT
MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut
MNI (Singapore)
MNI (Beijing)
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The People's Bank of China (PBOC) conducted CNY58.2 billion via 7-day reverse repo on Monday, with rate cut to 1.70% from the previous1.80%. The 7-day reverse repo operation will be adjusted to a fixed rate and quantity bidding to optimize the open market operation mechanism. Meantime, the interest rate of the 7-day repo will be cut to 1.70% from the previous 1.80% to further strengthen counter-cyclical regulation and increase financial support for the real economy, PBOC announced Monday morning. The operation has led to a net drain of CNY70.8 billion after offsetting the CNY129 billion maturity today, according to Wind Information.
- The seven-day weighted average interbank repo rate for depository institutions (DR007) fell to 1.7155% at 09:41 am local time from the close of 1.8682% on Friday.
- The CFETS-NEX money-market sentiment index, measuring interbank money-market liquidity, close at 45 on Friday, the same as the close on Thursday. A higher reading points to tighter liquidity condition, with 50 representing an equilibrium.
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