Yet another targeted easing measure from China's central bank.
The 14-day repo rate, a gauge of short-term funding costs, was cut 0.2 percentage points to a three-year low of 3.5 per cent on Thursday, a day after reports emerged that the central bank would inject Rmb500bn ($81bn) of short-term liquidity into the top five commercial banks.
China's 10-year bond yield promptly fell 3 basis points to 4.20 per cent, the lowest since Aug. 18 and down from a 2014 average of 4.34 per cent.
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