SHANGHAI, March 20 — China’s central bank will inject 100 billion yuan (RM64.2 billion) into money markets today, traders said.
The People’s Bank of China is injecting 60 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan through 14-day reverse repos, and an additional 20 billion yuan through 28-day reverse repos, they said.
The PBOC drained a net 120 billion yuan from the money market last week.
In early trade today, the volume weighted average of the seven-day repo rate was at 2.45 per cent, down 47.98 basis points from the previous closing average rate.
The central bank raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors last week, bringing them to 2.45 per cent, 2.60 per cent and 2.75 per cent, respectively. — Reuters