June 4, 2020 / 2:04 AM / a month ago

China cbank injects $9.8 bln via reverse repos; rate unchanged

SHANGHAI, June 4 (Reuters) - China’s central bank injected 70 billion yuan ($9.82 billion) into the banking system on Thursday through seven-day reverse repurchase agreements, while keeping the interest rate unchanged at 2.20%.

The People’s Bank of China (PBOC) said in a statement that the funds were intended to counteract the impact from factors including maturing reverse repos and government bond issuance and in order to keep banking system liquidity “reasonably ample”.

With 240 billion yuan worth of reverse repos maturing on Thursday, the PBOC drained 170 billion yuan on a net basis. ($1 = 7.1297 Chinese yuan) (Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman)

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