China's central bank conducts $12.89 billion via reverse repos

BEIJING, 9th September, 2024 (WAM) -- China's central bank conducted 91.5 billion yuan (about US$12.89 billion) of seven-day reverse repos at an interest rate of 1.7 percent Monday.

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 com