March 21, 2017 / 1:29 AM / a year ago

PBOC to inject 80 billion yuan via reverse repos: traders

SHANGHAI (Reuters) - China’s central bank will inject 80 billion yuan ($11.59 billion) into money markets on Tuesday, traders said.

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, China, March 30, 2016. REUTERS/Kim Kyung-Hoon/File Photo

The People’s Bank of China is injecting 50 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan through 14-day reverse repos, and an additional 10 billion yuan through 28-day reverse repos, they said.

The PBOC drained a net 120 billion yuan from the money market last week.

In early trade on Tuesday, the volume weighted average of the seven-day repo rate CN7DRP=CFXS was at 2.45 percent, down 46.96 basis points from the previous closing average rate.

The central bank raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors last week, bringing them to 2.45 percent, 2.60 percent and 2.75 percent, respectively.

Reporting by the Shanghai Newsroom; Editing by Sam Holmes

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