PBOC surprised market with reverse repo rate cut, analysts expect cut in LPR, RRR

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The People’s Bank of China unexpectedly cut the interest rates on reverse repurchase agreements by 10 basis points on Monday, as the central bank ramped up support to relieve pressure on the economy from a virus outbreak.

The central bank injected 1.2 trillion yuan liquidity via reverse repo on the day, while 1.05 trillion yuan reverse repo comes due, net injecting 150 billion yuan funding to the financial system.

The PBOC lowered the 7-day reverse repo rate to 2.40 per cent from previous 2.50 per cent, and cutting the . . .

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