CHINA’s Central Bank conducted 43 billion Yuan (about 5.99 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 per cent Friday.
The move was aimed at keeping liquidity reasonable and ample in the banking system, the People’s Bank of China said in a statement.
The News Agency of Nigeria (NAN) reports that 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. (Xinhua/NAN)
-November 03, 2023 @ 14:27 GMT |