Briefly

PBOC conducts reverse repos

China's central bank conducted 369.2 billion yuan ($51.7 billion) of seven-day reverse repos at an interest rate of 1.7 percent on Wednesday. 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 64 pips to 7.1415 against the US dollar on Wednesday, 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. The central parity rate of the yuan against the greenback is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Xinhua - China Daily