“The People's Bank of China (PBOC) is unlikely to cut the reverse repo rates this month since it left the rate on medium-term lending facility unchanged last week, a sign it intends to ‘hold steady’ in the near term and sees current liquidity supply and demand stable, the Securities Daily said citing analyst,” said Reuters.

The news also mentioned that the PBOC increased injections on Thursday and Friday, pushing down the benchmark DR007.

“The increased injections also served to meet higher demand in the second half due to more tax payments and China Government Bond issuances,” added the news per Reuters.

Read: USD/CNY to reach 6.70 by year-end fueled by policy divergence between PBoC and Fed – Commerzbank