Briefly

Central bank conducts reverse repos

China's central bank conducted 301.57 billion yuan ($42.29 billion) of seven-day reverse repos at an interest rate of 1.7 percent on Monday. The move aims to keep liquidity reasonable and ample in the banking system at the end of the month, the People's Bank of China said. 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.

Renminbi weakens against the greenback

The central parity rate of the Chinese currency renminbi, or the yuan, weakened 46 pips to 7.1316 against the US dollar on Monday, 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