China’s central bank conducts reverse repos Sunday

BEIJING, Sept. 29 (Xinhua) — China’s central bank conducted 182 billion yuan (about 25.96 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent Sunday.
The move aims to keep liquidity in the banking system reasonable and ample at the end of the quarter, 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. ■