China’s central bank conducts reverse repos Thursday

BEIJING, Aug. 8 (Xinhua) — China’s central bank conducted 7.1 billion yuan (about 993.6 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Thursday.
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. ■