China's overnight repo rate falls to new low By Reuters

Market relief, First Citizens buys SVB assets, Ma returns - what's moving markets

China's overnight repo rate falls to new low

Economy Dec 28, 2022 10:35PM ET

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China's overnight repo rate falls to new low

© Reuters. FILE PHOTO: Paramilitary police officers stand guard in front of the headquarters of the People's Bank of China, the central bank (PBOC), in Beijing, China September 30, 2022. REUTERS/Tingshu Wang

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SHANGHAI (Reuters) - China's overnight repo rate extended losses to a new low on Thursday, as the central bank continued to offer cash support to help financial institutions tide over the year-end demand.

The volume-weighted average price of the overnight repo in the interbank market fell to 0.4237%, down about 5 basis points from the previous close.

The People's Bank of China (PBOC) injected a net 201 billion yuan ($28.82 billion) via open market operations earlier in the session, bringing the net cash offerings to 794 billion yuan so far this week to counteract higher cash demand towards the year-end. [CN/MMT]

($1 = 6.9735 Chinese yuan)

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