The People’s Bank of China today injected 61 billion yuan ($8.4 billion) into the banking system through a seven-day reverse buyback at 1.8 per cent interest.
Yesterday, the bank pumped 301 billion yuan ($41 billion) into the banking system through a seven-day reverse buyback at 1.8 per cent interest. The central bank said the move was aimed at preserving the banking system’s liquidity is acceptable and plentiful.
The reverse repo, known as “reverse repo”, is a process in which the Central Bank buys securities from commercial banks through bids, while agreeing to sell them back to them in the future.
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