China’s central bank conducted 6 billion yuan ($836.98 million) of seven-day reverse repos at an interest rate of 1.9% Monday.
The move is aimed at keeping liquidity reasonable and ample in the banking system, 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.
Source: Qatar News Agency