The People’s Bank of China (the central bank) conducted reverse repurchase operations for a period of seven days on Tuesday, with a value of 137 billion yuan (approximately 19.36 billion US dollars) and an interest rate of 1.8%.
According to the Chinese news agency “Xinhua”, this move aims to maintain a reasonable and abundant liquidity in the banking system, according to the central bank statement.
Reverse repos are operations in which the central bank buys securities from commercial banks through bidding, with an agreement to resell them to the banks in the future.
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