China's central bank tightened monetary policy by raising the interest rates it charges in open-market operations and on funds lent via its Standing Lending Facility as it shifts to reining in asset prices and inflation.
The People's Bank of China increased the costs of seven-, 14- and 28-day reverse repurchase agreements by 10 basis points each to 2.35%, 2.5% and 2.65%, respectively, according to a statement on its website. This is the first increase since 2013 for the two shorter tenors, and the first such move since 2015 for the 28-day contracts.
The SLF rate was increased to 3.1% from 2.75%, according to people familiar with the matter who declined to be identified because they're not authorized to speak publicly.
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