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China debuts overnight reverse repos at 1.25%, below market expectations, sources say

China's central bank debuted its overnight reverse repo operation on Monday, setting the borrowing cost at 1.25%, people with knowledge of the matter said.The rate was 15 basis points below the seven-day reverse repo rate (CN7DRRP=PBOC) of 1.4%, which currently serves as the country's primary polic…

China's central bank debuted its overnight reverse repo operation on Monday, setting the borrowing cost at 1.25%, people with knowledge of the matter said.

The rate was 15 basis points below the seven-day reverse repo rate (CN7DRRP=PBOC) of 1.4%, which currently serves as the country's primary policy rate.

It also came in below market expectations, with analysts and traders having projected the overnight rate at around 1.30% to 1.35%.

The People's Bank of China (PBOC) did not disclose the borrowing cost of the new liquidity tool in an earlier statement.

All the sources spoke on condition of anonymity as they are not authorised to discuss the topic. The PBOC did not immediately respond to Reuters request for comment.