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.
