PBOC to inject 10 billion yuan via reverse repos -traders

The People's Bank of China injected 1,727.2 billion yuan on a net basis into money markets in 2016.

By: Reuters | Shanghai | Published: January 5, 2017 7:52 am
china, china bank, people's bank of china, pboc, china yuan, china economy, china currency, china news, world news The People’s Bank of China injected 1,727.2 billion yuan on a net basis into money markets in 2016. (Source: Reuters/File Photo/Representational)

China’s central bank will inject 10 billion yuan ($1.44 billion) into money markets on Thursday through seven-day reverse bond repurchase agreements, traders said.

Traders also said the central bank skipped the 14-day and 28-day tenors on Thursday. The People’s Bank of China (PBOC) drained a net 245 billion yuan from the market through open market operations last week.

The PBOC injected 1,727.2 billion yuan on a net basis into money markets in 2016. The outstanding balance of open market operations stood at 1,315 billion yuan as of end-December.

In early trade on Thursday, the volume weighted average of the seven-day repo rate was at 2.25 percent, down 4.88 basis points from the previous closing average rate.

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