China c. bank conducts $280.56m of reverse repos

China’s central bank, the People’s Bank of China (PBC) conducted a 7-day reverse repo of 2 billion yuan ($280.56 million) at 1.8 per cent interest on Monday to ensure sufficient liquidity in the banking system.

Reverse repos involve the central bank buying securities from commercial banks through bidding, with an agreement to sell them back in the future.

(1 United States dollar = 7.27 Chinese yuan)

Attribution: Xinhua