Briefly

Central bank conducts reverse repos

China's central bank conducted 2 billion yuan ($280.35 million) of seven-day reverse repos at an interest rate of 1.8 percent on Thursday. The move aims to keep liquidity reasonable and ample in the banking system, the People's Bank of China said. A reverse repo is a process in which the PBOC purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Renminbi strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 3 pips to 7.1339 against the US dollar on Thursday, said the China Foreign Exchange Trade System. In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

Xinhua - China Daily