SHANGHAI: China’s central bank lifted the interest rate on 63-day reverse repurchase agreements, or reverse repos, used for open market operations by 5 basis points on Tuesday, bringing it in line with other interbank rates adjusted in mid-December.

On Tuesday, the central bank injected 320 billion yuan ($49.69 billion) into money markets through 7-day, 14-day and 63-day reverse repos.

The PBOC nudged money market interest rates upward in December just hours after the Federal Reserve raised the U.S. benchmark.

The Chinese central bank has kept a tight leash on liquidity and rates via open market operations. Analysts say it has had a slight tightening bias as it has sought to discourage short-term borrowing as part of the government’s deleveraging campaign and keep China competitive during a U.S. rate tightening cycle. —Reuters