April 16, 2018 / 2:23 AM / a year ago

China c.bank raises 14-day reverse repo by 5 bps, matching March hike on 7-day tenor

SHANGHAI, April 16 (Reuters) - China’s central bank raised interest rates on 14-day reverse bond repurchase agreements by 5 basis points (bps) on Monday, matching a hike in the seven-day tenor in March.

The interest rate for 14-day reverse repos was raised to 2.70 percent from 2.65 percent, the People’s Bank of China said in a statement on its website.

The rate for seven-day stood at 2.55 percent, according to the statement.

The PBOC raised the seven-day rate in March, following the U.S. Federal Reserve Bank’s March 21 move, in a symbolic reminder that Beijing is keeping an eye on global market trends even as it cracks down on financial risks at home.

On Monday, the PBOC injected 150 billion yuan ($23.89 billion) into money markets via seven-day and 14-tenors. ($1 = 6.2799 Chinese yuan) (Reporting by Winni Zhou and Andrew Galbraith Editing by Shri Navaratnam)

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