SHANGHAI (Reuters) -China’s central bank left the borrowing cost of its seven-day reverse repurchase agreements unchanged on Thursday, after the U.S. Federal Reserve reduced interest rates just hours earlier.
The People’s Bank of China (PBOC) injected 487 billion yuan ($68.56 billion) worth of seven-day reverse repos through open market operations, keeping the rate steady at 1.40% from the previous operation.
The seven-day reverse repo rate now serves as the economy’s main policy rate.
The PBOC last lowered the seven-day reverse repo rate by 10 basis points in May.
($1 = 7.1033 Chinese yuan)
(Reporting by Shanghai Newsroom; Editing by Kim Coghill)
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