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China's central bank adds liquidity via reverse repos

Xinhua | Updated: 2023-11-01 15:48

A woman shows banknotes and coins included in the 2019 edition of the fifth series of the renminbi. [Photo/Xinhua]

BEIJING - China's central bank conducted 391 billion yuan ($54.47 billion) of seven-day reverse repos at an interest rate of 1.8 percent Wednesday.

The move aims to keep liquidity in the banking system reasonable and ample, the People's Bank of China said in a statement.

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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