China’s central bank today pumped 15 billion yuan ($2.09 billion) into the banking system through a seven-day reverse buyback at 1.9 per cent interest.
Reverse buybacks, known as “reverse repo”, are processes in which the Central Bank buys securities from commercial banks through bids, while agreeing to sell them back to them in the future.
This mechanism aims to maintain reasonable and abundant cash liquidity in the banking system, according to the Central Bank.
Yesterday, the central bank pumped 103 billion yuan ($14.44 billion) through the one-year medium-term lending mechanism with interest of 2.65 per cent annually, while 33 billion yuan with interest.
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