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China’s money market flooded with liquidity, key rates hit record lows

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China’s money market is flooded with liquidity, with key overnight rates hitting record lows, after Chinese central bank announced another targeted cut in reserve requirement ratio (RRR) and reduced rate on excess reserves for the first time since 2008 to shore up the virus-hit economy.

Interbank borrowing costs plunged across the board. The volume-weighted average rate of the benchmark overnight repo fell to 0.7865 per cent the lowest level since the data has . . .

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