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China’s central bank injects 80 bln yuan into market

Abstract : China's central bank Tuesday pumped cash into the banking system via reverse repos to maintain liquidity.

BEIJING, July 28 (Xinhua) — China’s central bank Tuesday pumped cash
into the banking system via reverse repos to maintain liquidity.

The People’s Bank of China injected 80 billion yuan (about 11.45
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 maintain stable liquidity in the banking system, the central bank said.

With 10 billion yuan of reverse repos maturing Tuesday, the operation led to a net injection of 70 billion yuan into the market.

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.

The country used a variety of tools including required reserve ratio
reductions, interest rate cuts, and re-lending to enable M2 money supply
and aggregate financing to grow at notably higher rates than last year.
Enditem

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Source: China’s central bank injects 80 bln yuan into market

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