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People's Bank of China Injects 300 Billion Yuan in Maiden Overnight Reverse Repo

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The People's Bank of China (PBOC) conducted overnight reverse repo operations in the open market, offering 300 billion yuan to financial institutions, according to an online statement, which did not specify the rate of interest.

It marks the central bank's first-ever overnight reverse repurchase operation.

The PBOC also injected an additional 157.5 billion yuan through seven-day ​reverse repos, with the rate unchanged at 1.4%, according to the statement.

The market was expecting the central bank to set the overnight reverse repo rate around 1.35%, according to a Bloomberg survey on Friday.

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