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The People’s Bank of China (PBoC) injected CNY 157.5 billion through seven-day reverse repos on Monday, while keeping the borrowing cost unchanged at a record low of 1.4%, with the rate serving as China’s primary policy rate. The decision signaled that the central bank remains committed to an accommodative monetary stance to support the economy. In a new move, the central bank also launched overnight reverse repo operations, offering CNY 300 billion to financial institutions to provide greater flexibility in managing short-term liquidity and smoothing funding conditions in the interbank market. However, the central bank did not disclose the borrowing cost for the new overnight facility. The introduction of the tool comes as authorities seek to refine their liquidity management framework, ensuring ample cash in the banking system while maintaining stable money market rates.
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