China’s central bank conducted 61 billion yuan (about $8.64 billion) of seven-day reverse repos at an interest rate of 1.5% on Wednesday.

The central bank said that the move aims to keep liquidity in the banking system reasonable and ample, according to (Xinhua) news agency.

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.

Source: Qatar News Agency