China Money Rate Drops to One-Month Low on PBOC Easing Measures
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China’s money-market rate fell to a one-month low after the central bank stepped up efforts to bring down funding costs.
The People’s Bank of China lowered the yield in seven-day reverse-repurchase operations Tuesday to 3.65 percent from 3.75 percent last week. It also rolled over 350 billion yuan ($56 billion) of loans extended to banks via its medium-term lending facility in December and added an undisclosed sum, according to a person with knowledge of the matter who asked not to be identified because the information hasn’t been made public.