China’s central bank conducted 182 billion yuan ($25.96 billion) of seven-day reverse repos at an interest rate of 1.5 percent Sunday.
The move aims to keep liquidity in the banking system reasonable and ample at the end of the quarter, Chinese (Xinhua) news agency reported citing a statement from the bank.
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.
Chinese central bank recently announced a comprehensive set of fiscal and monetary measures to revive the country’s economy, which is under strong pressure to slow down and faces the risk of missing its growth target this year.
Source: Qatar News Agency
