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China's central bank injects liquidity into market

Xinhua News,BEIJING
2020-11-24 14:12

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BEIJING, Nov. 24 (Xinhua) -- China's central bank injected liquidity into the banking system through open market operations on Tuesday.

The People's Bank of China pumped 70 billion yuan (about 10.64 billion U.S. dollars) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on its website.

The move was intended to maintain stable liquidity 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.

China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.
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