中国央行将隔夜逆回购利率设为1.25%并改为每日操作

The People’s Bank of China will conduct fixed-rate 1.25% overnight reverse repo operations every business day starting Monday. The initially disclosed overnight operation rate is below the 1.4% seven-day reverse repo rate. Seven-day operations have been changed to a fixed-quantity, multiple-award-rate tender method, used mainly during tax payment periods and month-ends. Other instruments previously priced against the seven-day rate will now use the overnight rate as the benchmark, with unchanged spreads. Economists said this is the clearest signal the central bank is moving toward a Federal Reserve-style overnight-rate operating framework.