Overnight reverse repos conducted

China's central bank on Monday conducted 541 billion yuan ($81 billion) of overnight reverse repos at an interest rate of 1.25 percent, according to the People's Bank of China. This was the first operation under a revised mechanism announced by the PBOC late last month, marking a shift from the seven-day reverse repo rate to the overnight reverse repo rate as the central bank's main policy rate. The operation was conducted at a fixed interest rate through quantity-based bidding, the PBOC noted.

Yuan weakens to 6.7146 against dollar

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 8 pips to 6.7146 against the US dollar on Monday, according to the China Foreign Exchange Trade System.

XINHUA-CHINA DAILY