Beijing-agencies :
The Central Bank of China continued to pump money into the financial system through open market operations, with the aim of keeping cash liquidity stable until the end of the month.
The people's Bank of China said on its website that it had conducted seven-day reverse repurchases worth 7 billion yuan, equivalent to about 1.02 billion U.S. dollars, at a 2 percent interest rate.
According to the Chinese news agency Xinhua, reverse repurchases, known as"reverse repo", are operations in which the central bank buys securities from commercial banks through bidding, with the agreement to sell them again in the future.
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