June 21, 2019 / 3:28 AM / a month ago

China's benchmark overnight repo rate falls to lowest in four years

SHANGHAI, June 21 (Reuters) - The volume-weighted average rate of China’s benchmark overnight repo for banks fell to 1.10 percent on Friday morning, the lowest level since June 2015.

Traders attributed the decline in the interbank repo rate to ample cash conditions in the banking system following persistent central bank fund injections via open market operations in recent days to keep liquidity sufficient heading into the end-June peak season for cash.

However, the weighted average repo rate of the same tenor traded on the Shanghai Stock Exchange was 1.9550 percent, about 85.5 basis points higher than the over-the-counter interbank money market. ($1 = 6.8550 Chinese yuan)

Reporting by Winni Zhou and John Ruwitch; Editing by Kim Coghill

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