BEIJING, 14th June, 2024 (WAM) -- China's central bank conducted 2 billion yuan (US$281.09 million) of seven-day reverse repos at an interest rate of 1.8 percent Friday.
Xinhua News Agency quoted a statement from the People's Bank of China as saying that the move aims to keep liquidity reasonable and ample in the banking system.
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.