markets / fixed-income angle
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Crypto Briefing · United States · PBoC adds an overnight reverse repo, pushing China toward a price-based policy rate
Argues the reform lowers volatility at the short end, making yuan-denominated bonds more competitive and potentially redirecting capital flows into Chinese fixed income as the PBoC pivots to overnight rates.
“By smoothing those swings, the PBOC is effectively lowering the cost of doing business in yuan-denominated fixed income.”