The “Chinese Central Bank” pumps $ 276 million through the “reverse repo”

2023-07-05 12:59:39

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July 5, 2023

16:59 pm

The headquarters of the Chinese central bank in Beijing

On Wednesday, the People’s Bank of China continued to inject money into the financial system through open market operations.
The People’s Bank of China said it had conducted reverse repo operations, “reverse repo”, for seven days worth two billion yuan (about $276.10 million) at an interest rate of 1.9 percent.
The move aims to maintain reasonable and ample liquidity in the banking system, according to the central bank.
Through reverse repurchases, the central bank buys securities from commercial banks through bidding, with the agreement to sell them back to them in the future.

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