China’s Central Bank Conducts Reverse Repos Friday

BEIJING, Aug. 9 (Xinhua) — China’s central bank conducted 12.9 billion yuan (about 1.81 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Friday. The move aims to keep 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.