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PBOC boosts liquidity with reverse repos

The People's Bank of China. the central bank, pumped 320 billion yuan ($50 billion) into the financial system through open market operations on Tuesday. The operations included 160 billion yuan of seven-day reverse repos, 150 billion yuan of 14-day reverse repos and 10 billion yuan of 63-day reverse repos, the People's Bank of China said on its website. The interest rates for seven-day and 14-day reverse repos were unchanged at 2.5 percent and 2.65 percent respectively, while the rate for the 63-day operations rose 5 basis points to 2.95 percent compared with the previous operations. The central bank carried out the operations to offset the impact of a tax payment peak and maturing reverse repos. Offset by 50 billion yuan of maturing reverse repos, the net injection on Tuesday stood at 270 billion yuan.

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