China's seven-day repo opens at 4.5824pc

SHANGHAI: The volume-weighted average price (VWAP) for China's benchmark seven-day bond repurchase agreement opened at 4.5824 percent on Wednesday, down sharply from the previous close of 4.9978 percent.

The opening VWAP rate was calculated based on the first three transactions recorded for that contract.

The People's Bank of China (PBOC) is set to allow 85 billion yuan ($13.9 billion) to enter the interbank market this week through maturing bills.

It also injected 17 billion yuan using seven-day reverse repos on Tuesday, relieving market fears that the PBOC would cause another credit crunch in the interbank market similar to the one it allowed to occur in late June.

It has injected a net 33 billion yuan this year.