China holds and Hong Kong cuts after Fed eases
PBoC leaves seven-day repo rate unchanged as HKMA eases policy to maintain dollar peg
China’s central bank has kept its benchmark rate unchanged following the US Federal Reserve’s 25 basis point cut, while Hong Kong has cut its base rate to maintain the territory’s peg with the US dollar.
The People’s Bank of China maintained its benchmark rate at 1.4% today (September 18) by injecting 487 billion yuan ($68.6 billion) of liquidity into the country’s economy via seven-day reverse repurchase agreements on the open market. The PBoC conducts reverse repo operations daily and has
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