TechFlow news: To optimize the open market operations mechanism, starting today, the 7-day reverse repo operations in the open market will be adjusted to fixed-rate, quantity-based bidding.
Meanwhile, to further strengthen counter-cyclical adjustments and increase financial support for the real economy, the interest rate on the 7-day reverse repo operations will be lowered from the previous 1.80% to 1.70%, effective immediately. Offshore yuan weakened by 80 basis points against the U.S. dollar, the latest rate stands at 7.2856. Earlier, the PBOC cut the interest rate on 7-day reverse repo operations.
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