Beijing, Aug, 18, 2023: China’s Central Bank conducted 98 billion Yuan (13.6 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 per cent Friday.
The move was aimed at keeping liquidity reasonable and ample in the banking system, the People’s Bank of China said in a statement.
The reverse repo is a process whereby the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
