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PBOC injects liquidity via reverse repos

The central bank on Monday injected funds into the banking system via open market operations to maintain liquidity. The People's Bank of China conducted 20 billion yuan ($3.13 billion) of seven-day reverse repos and 10 billion yuan of 28-day reverse repos, according to a central bank statement. A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future. The interest rate for the seven-day reverse repos stood at 2.55 percent, while the rate for 28-day contracts was 2.85 percent.

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