China’s central bank injects $993.6 mln into banking system

The People’s Bank of China (PBOC) conducted seven-day reverse repo operations worth 7.1 billion yuan (about $993.6 million) on Tuesday at an interest rate of 1.7 percent.

The move aims to maintain reasonable and ample liquidity in the banking system, the central bank said in a statement.

Reverse repos are operations in which the central bank buys securities from commercial banks through bidding, with an agreement to resell them to them in the future.