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China's central bank injects liquidity into market via reverse repos

Xinhua | Updated: 2020-11-02 16:58
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The People's Bank of China. [Photo/Agencies]

BEIJING - China's central bank pumped cash into the banking system through open market operations to maintain liquidity Monday.

The People's Bank of China injected 50 billion yuan ($7.46 billion) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on its website.

The move was intended to maintain reasonably ample liquidity 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.

China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.

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