International
China's central bank conducts $3.61 billion reverse repos
September 06, 2023 | 11:12 AM
China's central bank conducted 26 billion yuan ($3.61 billion) of seven-day reverse repos at an interest rate of 1.8% Wednesday. The People's Bank of China said in a statement that the move aims to keep liquidity in the banking system reasonable and ample, Chinese News Agency (Xinhua) reported.On Aug. 22, China's central bank conducted 111 billion yuan (about $15.42 billion) of seven-day reverse repos at an interest rate of 1.8%.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. (QNA)
September 06, 2023 | 11:12 AM