Briefly

PBOC reverse repos reach 10 billion yuan

On Wednesday, the People's Bank of China, the central bank, conducted 10 billion yuan ($1.55 billion) worth of seven-day reverse repos at an interest rate 2.2 percent. The proceeds will help maintain reasonably ample liquidity in the banking system. 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.

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