China’s Central Bank conducts reverse repos Wednesday

BEIJING: China's Central Bank conducted 369.2 billion yuan (about 51.7 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Wednesday.The move aims to keep liquidity reasonable and ample in the banking system, the central bank said as quoted by state news agency Xinhua.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.Source : Emirates News Agency