China’s central bank on Thursday conducted a total of 120 billion yuan (about 18.5 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system.
According to the People’s Bank of China, said that the amount included 60 billion yuan of seven-day reverse repos at an interest rate of 2.2 per cent and 60 billion yuan of 14 day reverse repos at an interest rate of 2.35 per cent.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. (Xinhua/NAN)
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