The People's Bank of China injected 10 billion yuan (about 1.57 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.
With 270 billion yuan of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 260 billion yuan from the market.
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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