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50 bln yuan drained from market Tuesday

Abstract : China's central bank injected 20 billion yuan (about 3.03 billion U.S. dollars) into the banking system through seven-day reverse repos at an interest rate of 2.2 percent on Tuesday.

BEIJING, Dec. 1 (Xinhua) — China’s central bank injected 20 billion yuan (about 3.03 billion U.S. dollars) into the banking system through seven-day reverse repos at an interest rate of 2.2 percent on Tuesday.

With 70 billion yuan of reverse repos maturing on the same day, this led to a net liquidity withdrawal of 50 billion yuan from 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. Enditem

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Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: 50 bln yuan drained from market Tuesday

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