Economy
CHINA’s Central Bank conducted 32 billion Yuan (about 4.51 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 per cent on Monday.
The move was aimed at keeping liquidity in the banking system reasonable and ample, 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)
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