BEIJING: China’s central bank conducted 359.3 billion yuan (US$50.44 billion) of seven-day reverse repos at an interest rate of 1.7 percent on Thursday.

Xinhua News Agency quoted a statement from the People’s Bank of China as saying that 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.

Source: Emirates News Agency