BEIJING, June 26 (Xinhua) — China’s central bank continued to inject funds into the financial system through open market operations Monday.
The People’s Bank of China said that it conducted 244 billion yuan (about 33.86 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent.
The move is aimed at keeping liquidity stable in the banking system, according to the central bank.
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.