Central Bank of China Injects Nearly $29.28 Billion via Reverse Repos

The Central Bank of China announced it will conduct seven-day reverse repos worth 210 billion yuan (about $29.5 billion) at an interest rate of 1.7 percent. The move aims to maintain reasonable and ample liquidity in the banking system, Xinhua news agency reported, citing a statement from the bank. Reverse repos are operations in which the central bank buys securities from commercial banks through bidding, with an agreement to resell it to them in the future. Source: Oman News Agency