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China's central bank conducts 10 billion yuan of reverse repos

2020-12-16 08:33:55 Xinhua

China's central bank on Thursday conducted 10 billion yuan (about 1.53 billion U.S. dollars) of reverse repos to maintain reasonably ample liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.

Meanwhile, 10 billion yuan of reverse repos matured on the same day, resulting in zero injection into 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.

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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