China cuts rates on reverse repos
- the rate on 7-day reverse repos goes to 2.4% from previously at 2.5%
- on 14-day RRs goes to 2.55% from 2.65%
This is part of stimulus efforts to combat the negative economic impact of the coronavirus outbreak and spread.
There was a big injection of funds today (but there is a but):
- 900bn yuan added via 7 day RRs
- 300bn via 14-dayers