China’s overnight reverse repo rate set at 1.25%, below seven-day benchmark

China’s central bank said its overnight reverse repurchase agreement rate is 1.25%, below the existing 1.4% seven-day benchmark, as it plans to adopt the overnight rate as its main policy lever. The People’s Bank of China had not previously disclosed the rate used for such operations. It was set at 1.25% during the first overnight reverse repo operation in June, Bloomberg News reported at the time.