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China's central bank adds liquidity via reverse repos

BEIJING
2023-07-13 10:16

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BEIJING, July 13 (Xinhua) -- China's central bank continued to inject funds into the financial system through open market operations Thursday.

The People's Bank of China said it conducted 5 billion yuan (about 699 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent.

The move is aimed at keeping liquidity reasonable and ample in the banking system, the central bank said.

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.
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