Briefly

PBOC conducts reverse repos

China's central bank conducted 382.8 billion yuan ($53.7 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Tuesday. 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 in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

Yuan strengthens against greenback

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 24 pips to 7.1283 against the US dollar on Tuesday, according to 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