China’s central bank cuts seven-day reverse repo rate for the first time since August

The People’s Bank of China cut its seven-day reverse repurchase rate by 10 basis points from 2% to 1.9%, according to a central bank release, injecting 2 billion yuan ($279.97 million) through its 7-day repos.

This is China’s first such move since August.

A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities.

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