China's central bank conducts 50b yuan of reverse repos
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BEIJING - China's central bank on Monday conducted a total of 50 billion yuan ($7.9 billion) of reverse repos to maintain liquidity in the banking system.
The interest rate for the seven-day reverse repos was set at 2.2 percent, according to the People's Bank of China.
The move was intended to maintain stable year-end 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.
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