China's central bank conducts $53.15 billion via reverse repos

BEIJING, 23rd August, 2024 (WAM) -- China's central bank conducted 379.3 billion yuan (US$53.15 billion) of seven-day reverse repos at an interest rate of 1.7 percent Friday.

Xinhua news agency quoted the People's Bank of China as saying that the move aims to keep liquidity reasonable and ample in the banking system.

A reverse repo is a process in which the central bank purchases securities from commercial