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China's central bank injects 150 bln yuan into market

  • Source : Xinhua Author : Time : 08/14/2020 Editor : Wang Chenyan

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    China's central bank Friday pumped cash into the banking system via reverse repos to maintain proper liquidity.

     

    The People's Bank of China injected 150 billion yuan (about 21.6 billion U.S. dollars) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on the website of the central bank.

     

    The move was intended to offset the impact of factors such as the issuance of government bonds, the central bank said.

     

    As a total of 10 billion yuan of reverse repos matured on Friday, the central bank injected a net 140 billion yuan into the banking system.

     

    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.

     

    China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report. Enditem

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