China cut another policy rate for first time in nearly two years, 10-year government bond yield hit lowest since May 2020

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The People's Bank of China (PBOC) on Monday injected 150 billion yuan of liquidity to the banking system via 14-day reverse repurchase agreement (reverse repo), at an interest rate of 2.25%, down by 10 basis points from 2.35% for its 14-day reverse repo operation in December last year.

That marks the PBOC's first cut of this rate in nearly two years.