PBOC Increased the 28-repo rates by 2.85 percent

The People’s Bank of China adjusted their rates higher on the 28-day reverse bond repurchase agreements to keep with the pace on previous increases in tenors for the past two months.

According to the report from the online site of the PBOC, the 28-day reverse repos raised from 2.80 percent to 2.85 percent.

This move was enacted after the U.S. Federal Reserve Bank had also raised their rates on March 21 which signifies that Beijing is keeping up with the global market trends despite all of the financial risks in their homeland.

Moreover, the central bank added 30 billion yuan into money markets, particularly on their 7-day and 28-day rates on Monday, where the seven-day was set at 2.55 percent based on their given statements.