China keeps 7-day reverse repo rate unchanged

People's Bank of China, the central bank, in Beijing, China (Reuters Photo)

China's central bank on Tuesday kept the borrowing cost on seven-day reverse repos unchanged at 2.20%, shortly after resuming operations on the liquidity tool.

The People's Bank of China (PBOC) is injecting 10 billion yuan ($1.40 billion) via seven-day repos to "keep banking system liquidity reasonably ample", according to a statement on its website.

In May, China has held its benchmark loan prime rate (LPR) and medium-term lending facility (MLF) rate steady.

With no reverse repos maturing on Tuesday, the PBOC injected a net 10 billion yuan into the interbank money market on the day.

The PBOC last injected cash via reverse repos on March 31.

($1 = 7.1303 Chinese yuan)