China’s Central Bank Conducts Reverse Repos Tuesday

BEIJING, Nov. 19 (Xinhua) — China’s central bank conducted 288.3 billion yuan (about 40.09 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent Tuesday. The move aims to keep liquidity in the banking system adequate at a reasonable level, 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.