May 28, 2018 / 2:20 AM / 6 months ago

China central bank raises 28-day reverse repo rate by 5 bps, matching previous hikes

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. B REUTERS/Petar Kujundzic

SHANGHAI (Reuters) - China’s central bank raised interest rates on 28-day reverse bond repurchase agreements by 5 basis points (bps) on Monday, matching previous increases in other tenors in the last two months.

The interest rate for 28-day reverse repos was raised to 2.85 percent from 2.80 percent, the People’s Bank of China said in a statement on its website.

The rate for seven-day stood at 2.55 percent, according to the statement.

The PBOC raised the seven-day and 14-day rates in the past two months, following the U.S. Federal Reserve Bank’s March 21 move, in a symbolic reminder that Beijing is keeping tabs on global market trends even as it cracks down on financial risks at home.

On Monday, the PBOC injected 30 billion yuan into money markets via seven-day and 28-tenors.

Reporting by Winni Zhou and John Ruwitch; Editing by Shri Navaratnam

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