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Money market rates in China fall after PBOC cuts repo rate to 3.5%

Published 09/17/2014, 10:35 PM
Updated 09/17/2014, 10:38 PM
China cuts repo rate

Investing.com - The People's Bank of China lowered the rate on the 14-day repurchase agreement on Thursday to 3.50% from 3.75%, sending money market rates tumbling.

One year interest rate swaps fell to 3.46% after the news from 3.51% while five-year swaps were down at 3.75% from 3.79%.

A lower repo rate is aimed at lowering other rates in the market, part of the government's ongoing attempt to lower corporate financing costs without instituting high profile measures such as a cash reserve cut or interest rate cut.

The PBOC last cut the rate on 14-day repos from 3.80% during a July 29 operation.

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