China injects $17.3 billion into the market

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BEIJING

Oct 23, 2018-

China’s central bank injected 120 billion yuan (about $17.3 billion) of funds into the market on Monday through reverse repos to maintain liquidity. The People’s Bank of China (PBOC) conducted the seven-day reverse repos at an interest rate of 2.55 percent, which was unchanged from the rate for the previous 30 billion-yuan operation on Friday, it said in a statement. The move is aimed at offsetting the impact of such factors as tax payments and government bond issuance and keeping liquidity in the banking system at a reasonable and ample level, according to the statement. A reverse repo is a process by which the central bank bids and buys securities from commercial banks with an agreement to sell them back in the future. (XINHUA)

Published: 23-10-2018 10:42

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