BEIJING, June 28 (Xinhua) — China’s central bank conducted 50 billion yuan (7.02 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Friday.
The move aims to ensure stable liquidity at the end of the first half of this year, 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.