China’s central bank conducts reverse repos Friday

BEIJING, Nov. 1 (Xinhua) — China’s central bank conducted 17.1 billion yuan (about 2.4 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent Friday.
The move aims to keep liquidity in the banking system adequate at a reasonable level, the central bank 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. ■