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China's Central Bank Reduces Reverse Repo Operations to Zero, Maintains Accommodative Liquidity Stance on June 3

GateNews
Forex
According to Jin10, the People's Bank of China (PBOC) reduced its reverse repo operations to zero on June 3, continuing its recent tightening trend amid sufficient market liquidity. The 1-year interbank certificate of deposit (AAA-rated) yield hit a record low of 1.4275% on June 1 and remained at that level on June 2. Analysts attribute the zero reverse repo to reduced financing demand from commercial banks, as government bond issuance remained moderate and credit expansion stayed subdued. The PBOC is expected to continue flexible operations, adjusting volumes and rates based on key market rates to keep short-term rates aligned with policy rates.
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