PBOC slashes 7-day Reverse-repo rate to 3.35%, lowest since May 2014

FXStreet (Mumbai) - The People's Bank of China (PBOC) today, lowered the interest rate on seven-day reverse repos at open-market operations - the fifth cut since March - as it aims to bring down interbank money rates.

The Beijing-based bank cut the seven-day reverse-repo rate to 3.35% from last week's 3.45%.

As a result, the seven-day repurchase rate, a gauge of interbank funding availability, fell eight basis points to 2.81% during the late Asian session, a weighted average compiled by the National Interbank Funding Center showed. That’s the lowest level since May 5, 2014.