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MNI: PBOC Net Drained CNY450 Bln via OMOs Weds; MLF Rate Flat

MNI (Singapore)

The People's Bank of China (PBOC) injected CNY500 billion via a 1-year medium-term lending facility and CNY10 billion via 7-day reverse repos with the rates unchanged at 2.95% and 2.2%, respectively, on Wednesday. The operation has led to a net drain of CNY450 billion after offsetting the maturity of CNY950 billion MLF and CNY10 billion repos today, according to Wind Information.

  • The operation aims to keep liquidity reasonable and ample, and the cut of the reserved requirement ratio by 0.5% for financial institutions effective today has released around CNY1.2 trillion long-term funds into the market, the PBOC said on its website.
  • The 7-day weighted average interbank repo rate for depository institutions (DR007) fell to 2.2002% at 09:30 am local time from the close of 2.2071% on Tuesday.
  • The CFETS-NEX money-market sentiment index closed at 56 on Tuesday, compared with the close of 50 on Monday.
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