The People's Bank of China maintained the rates for certain reverse repurchase agreements despite the U.S. Federal Reserve's decision to raise its benchmark rate for the second time in 2018.

The Chinese central bank's seven-day, 14-day and 28-day reverse repo rates stand at 2.55%, 2.70% and 2.85%, respectively. The bank also kept its benchmark one-year lending and deposit rates unchanged, according to Reuters.

"PBoC not following the Fed is more a signal to the market than a significant impact," Iris Pang, an economist for Greater China at ING Research, wrote. "It shows that credit and liquidity are tight in the middle of financial deleveraging reform," Pang added, suggesting that the Chinese central bank needs to inject more liquidity into the system to avoid interest rates rising.

The central bank's decision to not follow the Fed's hike for the first time lowers the chances of it following future Fed hikes, "and we would rely more on future liquidity tightness and targeted [reverse repurchase rate] cuts to gauge the possibility of PBoC's rate hike of interbank rates," Pang said.

The central bank launched a 150 billion Chinese yuan reverse repurchase operation June 14.

As of June 13, US$1 was equivalent to 6.40 Chinese yuan.