The People’s Bank of China lowered the 14-day reverse repurchase rate

Authorities announced Monday that central bank governor Pan Gongsheng will hold a press conference tomorrow on financial support for economic development, alongside two other officials. 

Minutes later, the People’s Bank of China lowered the 14-day reverse repurchase rate, catching up with reductions initiated in July.

The PBOC said it wanted to “keep quarter-end liquidity adequate at a reasonable level in the banking system”. It added 160.1 billion yuan via 7-day reverse repos at 1.70%, it said in a statement. It also injected 74.5 billion yuan via 14-day reverse repos at 1.85%, compared with 1.95% during the previous injection, according to Reuters.