China rates ease post PBoC SLOs

FXstreet.com (Bali) - One of the news making headlines in the Asian continent is the reduction on China's 7-day repo rates, down at 4.98% at the open vs 7.10%, following the short term liquidity operation(SLOs) by the PBoC yesterday.

The ease in rates comes as the PBoC tries to calm the inter-bank market, with memories of the June cash crunch occurring again having resurfaced recently. Early reports suggest over 200 bln yuan were injected, with the PBoC reassuring the market that further liquidity may be provided if necessary.