BEIJING, October 24, 2023 (Xinhua) – On Tuesday, the People’s Bank of China (the central bank) conducted seven-day reverse repo operations, worth 593 billion yuan (about 82.61 billion US dollars), at an interest rate of 1.8 percent.
This step aims to hedge against potential pressure on liquidity in the banking system due to the peak of the tax season, in order to maintain liquidity at a reasonable and ample level, according to what the Central Bank said in a statement.
Reverse repo operations are operations in which the central bank buys securities from commercial banks through submitting bids, with an agreement to resell them again in the future. /end of news/
2023-10-24 04:54:30
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