China's central bank conducts 10 bln yuan of reverse repos
BEIJING, June 16 (Xinhua) -- China's central bank Wednesday conducted 10 billion yuan (about 1.56 billion U.S. dollars) of reverse repos to maintain reasonably ample liquidity in the banking system.
The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. Enditem