Why does China's central bank have a new cash management tool?

Reuters - 11/07
China's central bank introduced a new cash management tool this week in the form of temporary bond repurchase (repo) agreements and reverse repos, adding to its various open market operations and creating what could become an important interest rate indicator.
SHANGHAI, July 11 (Reuters) - China's central bank introduced a new cash management tool this week in the form of temporary bond repurchase (repo) agreements and reverse repos, adding to its various open market operations and creating what could become an important interest rate indicator.
The following explains the mechanics and intent of this new tool, which market participants say is a big step in the People's Bank of China's (PBOC) new monetary policy framework.

WHAT ARE THE TEMPORARY REPOS AND REVERSE REPOS?

Both repos and reverse repos are forms of short-term cash management instruments that allow primary dealers to swap government bonds for cash with the central bank, in order to either borrow or park cash.
Under these temporary overnight repos, the PBOC can sell securities to primary dealers and agree to buy them back the following day, effectively draining cash from the financial system. Reverse repos help the PBOC inject funds.

WHAT ARE THE DETAILS OF THE PBOC'S TEMPORARY REPO OPERATIONS?

The PBOC has said temporary overnight repo and reverse repo operations will take plac...
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