PBOC continues to tighten funding conditions, raises rates for OMO

The People’s Bank of China (PBOC) raised rates for Open Market Operations (OMO) as the central bank continues to tighten funding conditions and rein in leverage.

The 14-day Reverse Repo (RR) rate was raised to 2.5% from 2.4%. 7-day RR was raised to 2.35% from 2.25%, while the 28-day RR was pushed higher to 2.65% from 2.55%.