China 7-day repo rate set at 2.7150 pct vs 2.8500 pct

The China Foreign Exchange Trading System (CFETS) set the reference rate this morning for seven-day repurchase agreements at 2.7150 pct against 2.8500 pct last Friday.

The overnight repurchase rate was set at 2.2750 pct against 2.3060 pct previously.

The rates, based on the median trading level from 9.00 to 11.00 am, are released daily at 11.00 am on the CFETS website (www.chinamoney.com.cn).

CFETS began the daily fixing of overnight and seven-day repurchase rates in March 2006 to provide a reference for derivatives such as interest rate forwards, swaps and short-term interest rate futures.