(MENAFN- Emirates News Agency (WAM))
BEIJING, 22nd March, 2023 (WAM) -- China's central bank continued to inject funds into the financial system through open market operations on Wednesday, state news agency Xinhua reported.
The People's Bank of China said on its website that it has conducted 67 billion yuan (about US$9.75 billion) of seven-day reverse repos at an interest rate of 2 percent.
The move aims to keep stable liquidity in the banking system, 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.
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.