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PBOC loosens monetary policy further as it scraps repo sales

Seven-day repurchase rate falls 10 basis points to 3.22% in Shanghai; further cuts in interest rates seen

Published Thu, Nov 27, 2014 · 09:50 PM
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Beijing

CHINA'S central bank refrained from selling repurchase agreements for the first time since July, loosening monetary policy further as a report showed industrial companies' profits fell by the most in two years.

The People's Bank of China (PBOC) didn't conduct any open-market operations on Thursday's auction window, after cutting interest rates last week for the first time since 2012.

It last suspended sales of repos, which drain funds from the banking system, in the week of July 21 as initial public offerings (IPOs) boosted cash demand. Guotai Junan Securities Co estimated such share sal…

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Monetary Policy

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