China’s Central Bank Conducts Reverse Repos Wednesday

BEIJING, July 10 (Xinhua) — China’s central bank conducted 2 billion yuan (280.34 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Wednesday. 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.