China's central bank conducted 277.3 billion yuan (about 38.94 billion US dollars) of seven-day reverse repos at an interest rate of 1.7 percent Wednesday. The People's Bank of China said in a statement that the move aims to keep liquidity reasonable and ample in the banking system at the end of the month, according to China's News Agency (Xinhua). 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. Source: Qatar News Agency
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