China’s Central Bank Conducts Reverse Repos Friday

BEIJING, Nov. 29 (Xinhua) — China’s central bank conducted 479 billion yuan (about 66.64 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent Friday. The move aims to keep liquidity in the banking system adequate at a reasonable level at the end of the month, 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.