PBoC repo activity does not signify a major shift to open market operations

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The People's Bank of China's (PBoC) frequent use of reverse repurchase agreements for liquidity injections during the past several months has been remarkable, particularly given wide market expectation for the central bank to cut reserve requirements.

Since June, the PBoC has conducted such operations for 15 weeks in a row, releasing almost 2.3 trillion yuan ($360 billion) into the market through open auctions with a record high single-day operation worth 290 billion yuan carried out on

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