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China's central bank conducts 1.55 billion U.S. dollars of reverse repos

Finance Materials 6 August 2021 08:27 (UTC +04:00)
China's central bank conducts 1.55 billion U.S. dollars of reverse repos

China's central bank Friday conducted 10 billion yuan (1.55 billion U.S. dollars) of reverse repos to maintain reasonably ample liquidity in the banking system, Trend reports citing Xinhua.

The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.

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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