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China central bank raises 28-day reverse repo rate

The People's Bank of China on May 28 increased the interest rates on 28-day reverse bond repurchase agreements, or reverse repos, to 2.85% from 2.80%, Reuters reported May 28.

The latest increase matches previous increases in other tenors in the last two months, said the report.

The rate for seven-day reverse repos was at 2.55%, matching the seven-day rate reported on March 22, which came a day after the U.S. Federal Reserve raised its benchmark interest rate by 25 basis points.

China's central bank also injected 30 billion yuan into the financial system through 7-day and 28-day tenors, said the report.

As of May 28, US$1 was equivalent to 6.40 Chinese yuan.