SHANGHAI (Reuters) – China’s overnight repo rate extended losses to a new low on Thursday, as the central bank continued to offer cash support to help financial institutions tide over the year-end demand.
The volume-weighted average price of the overnight repo in the interbank market fell to 0.4237%, down about 5 basis points from the previous close.
The People’s Bank of China (PBOC) injected a net 201 billion yuan ($28.82 billion) via open market operations earlier in the session, bringing the net cash offerings to 794 billion yuan so far this week to counteract higher cash demand towards the year-end. [CN/MMT]
($1 = 6.9735 Chinese yuan)
(Reporting by Winni Zhou and Brenda Goh; Editing by Muralikumar Anantharaman)
