BEIJING: China’s central bank conducted 50 billion yuan (US$7.02 billion) of seven-day reverse repos at an interest rate of 1.8 percent Monday.

Xinhua news agency quoted a statement from the People’s Bank of China as saying that the move aims to keep liquidity in the banking system stable at the end of the first half of 2024.

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.

Source: Emirates News Agency