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China's central bank adds liquidity via reverse repos

Xinhua | Updated: 2022-08-08 15:33

The People's Bank of China. [Photo/Sipa]

BEIJING -- China's central bank on Monday conducted 2 billion yuan (about $295.44 million) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People's Bank of China.

The move aims to keep 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.

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