The People’s Bank of China (PBOC) held its benchmark loan rates steady on Oct. 20 and began a new scheduled overnight reverse-repo series the next day. The first operation in the new series supplied 80 billion yuan.
The one-year loan prime rate was 3%, and the benchmark for loans longer than five years was 3.5%. Both rates had held at those levels for 17 consecutive months.
Separately, PBOC Governor Pan Gongsheng said the bank was still studying whether overnight transactions should become its predominant open-market tool. Pan announced no timetable, as EconoTimes previously reported.
The new calendar contains nine scheduled trading days through Nov. 2, with a daily cap of 1 trillion yuan. No seven-day reverse-repo operation was recorded on Oct. 21. EconoTimes has covered the start of the overnight reverse-repo run.
