June 24, 2019 / 2:07 AM / 22 days ago

China's benchmark overnight repo rate falls to lowest in a decade

SHANGHAI (Reuters) - The volume-weighted average rate of China’s benchmark overnight repo for banks extended losses on Monday falling below 1% to the lowest in 10 years, pressured by ample liquidity in the banking system.

The weighted average overnight repo stood at 0.9985 percent as of 0158 GMT, the lowest level since late June 2009, and was about 23 basis points lower than Friday’s close of 1.2301%.

Reporting by Winni Zhou and John Ruwitch; Editing by Jacqueline Wong

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