China’s central bank conducted 2 billion yuan ($282 million) of seven-day reverse repos at an interest rate of 1.8% on Monday.
The move aims to keep liquidity reasonable and ample in the banking system, the People’s Bank of China said in a statement, reported by China’s News Agency (Xinhua).
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