PBoC considering making overnight rate its benchmark
Governor says rate already ‘benchmark-like’ as he unveils onshore FX pilot and other measures
China’s central bank will consider making an overnight repurchase rate that it first used earlier this year its benchmark, its governor said on October 19, as he announced a range of changes to monetary policy, foreign exchange and liquidity provisioning.
Pan Gongsheng told a financial forum in Beijing that the interbank overnight repo rate had become “benchmark-like” in the country’s money market, and that this reflected short-term liquidity supply and demand dynamics. “As things currently stand
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