China central bank cuts reverse repo rate by 10 basis points

China's central bank cut its seven-day reverse repo rate by 10 basis points to 1.90% from 2.00% on Tuesday, when it injected 2 billion yuan ($279.97 million) through the short-term bond instrument.

The People's Bank of China (PBOC) last cut the borrowing cost of reverse repos in August 2022 to prop up the economy. ($1 = 7.1437 Chinese yuan)