PBoC to start additional open market operations

Move could increase importance of seven-day reverse repo rate, some analysts say

People’s Bank of China headquarters, Beijing
The People's Bank of China

The People’s Bank of China (PBoC) said today (July 8) it would start conducting additional open market operations, strengthening its control of market interest rates.

In a statement, the PBoC said it would conduct overnight repurchase agreements or reverse repos on a temporary basis between 4pm and 4:20pm Beijing time on weekdays, as appropriate.

The new operations will come on top of the central bank’s regular open market operations in the morning every weekday, when it conducts mostly seven-day

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