BUSINESS China's central bank conducts 50 bln yuan of reverse repos

BUSINESS

China's central bank conducts 50 bln yuan of reverse repos

Xinhua

11:52, August 25, 2021

BEIJING, Aug. 25 (Xinhua) -- China's central bank on Wednesday conducted 50 billion yuan (7.7 billion U.S. dollars) of reverse repos to maintain reasonably ample liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.

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.


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