BEIJING, 20th June, 2024 (WAM) -- China's central bank conducted 20 billion yuan (US$2.81 billion) of seven-day reverse repos at an interest rate of 1.8 percent Thursday.
Xinhua quoted a statement of 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.