“Keeping policy rates stable will help curb widening interest rate differentials between China and the United States and stabilise FX market expectations.”
The central bank said the latest operation was aimed at counteracting higher cash demand due to tax payments and keeping “banking system liquidity reasonably ample”. Separately, the central bank also injected 172 billion yuan through seven-day reverse repos while keeping borrowing costs unchanged at 2 percent, compared with 2 billion yuan worth of such loans expiring on the same day.China’s economy has been jolted by a fresh wave of COVID-19 infections across the country in recent weeks, disrupting business activity and household consumption. More timely data pointed to a further loss of momentum and a darkening outlook.
Source: Loan Digest (loandigest.net)
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