The People's Bank of China inject 70bn yuan through 7-day reverse repos in open market operations (OMOs) today
- And 30bn yuan through 14-day reverse repos
- And 60bn yuan through 28-day reverse repos
Yes, that's right, using 28 day reverse repos today too. In late August the PBOC re-introduced 14-day reverse repos in addition to their use of 7-day reverse repos. One of the bank's aims was to curb short-term borrowing used to purchase longer term bonds; and this is behind the use of 28-day reverse repos now.
Some data earlier from China:
- August fiscal revenues +1.7% y/y, while fiscal expenditures +10.3% y/y
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Note; Chinese markets with be closed later this week, on the 15th, 16th and 17th for national holidays.