China's central bank conducts 30b yuan of reverse repos

BEIJING - China's central bank Tuesday conducted 30 billion yuan ($4.65 billion) of reverse repos to maintain stable liquidity at the end of the half year.

The interest rate for the seven-day reverse repos was set at 2.2 percent, according to a statement on the website of the People's Bank of China.

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.