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China's Central Bank Plans Overnight Reverse Repo in End-June

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The People's Bank of China will increase the overnight reverse repurchase operation in its open market operations on June 29 and June 30.

The operation will adopt a fixed interest rate and quantity bidding, according to a Thursday statement.

The new rate will be an addition to the PBOC's regular seven-day reverse repo rate, currently at 1.4%, which has served as the main policy benchmark since 2024, Bloomberg reported.

Standard Chartered's Becky Liu said the move is a major step toward aligning with U.S. policy rate structures, according to the report. She added that the overnight reverse repo rate is the figure to watch and anything at 1.25% or below would amount to a de facto PBOC rate cut.

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