BEIJING, Aug. 1 (Xinhua) — China’s central bank continued to inject funds into the financial system through open market operations Tuesday.
The People’s Bank of China said it conducted 8 billion yuan (about 1.12 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent.
The move is aimed at keeping liquidity reasonable and ample in the banking system, the central bank said.
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.