China c. bank conducts 150b yuan of reverse repos

The People’s Bank of China (PBC) conducted 150 billion yuan ($21.14 billion) of seven-day reverse repos at an interest rate of 1.8 per cent on Tuesday to maintain reasonable and ample 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 US dollar = 7.22 Chinese yuan)