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On Tuesday, China's major financial institution is on the verge of injecting 80 billion Yuan into money markets, as some sources familiar with the situation revealed to reporters.
The People's Bank of China is pumping up to 50 billion Yuan via seven-day reverse bond repurchase agreements. About 20 billion Yuan will be injected through 14-day reverse repos, while an extra 10 billion Yuan will be pumped via 28-day reverse repos, as sources disclosed.
The previous week, China’s major bank drained a net 120 billion yuan from the money market.
During early trade on Tuesday, the volume weighted average of the seven-day repo rate reached 2.45%, sliding 46.96 basis points from last closing average rate.
The major bank increased the rate on open market operation reverse repos for seven-day. The same applies to 14-day and also 28-day tenors last week. The move brought them to respectively 2.45%, 2.60% and 2.75%.
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