January 16, 2018 / 1:55 AM / a year ago

China raises 63-day reverse repo rate by 5 bps to 2.95 pct

SHANGHAI, Jan 16 (Reuters) - China’s central bank raised interest rates on reverse repurchase agreements, or reverse repos, used for open market operations by 5 basis points for the 63-day tenor on Tuesday, following upward adjustments on other tenors in mid-December.

The People’s Bank of China said it has raised the 63-day rate to 2.95 percent from 2.90 percent.

The last time the PBOC injected funds via the 63-day tenor was on Nov.30.

On Tuesday, the central bank injected 320 billion yuan ($49.69 billion) into money markets through 7-day, 14-day and 63-day reverse repos.

The PBOC nudged money market interest rates upward in December just hours after the Federal Reserve raised the U.S. benchmark. ($1 = 6.4404 Chinese yuan) (Reporting by Winni Zhou and John Ruwitch; Editing by Sam Holmes)

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