China conducts first outright reverse repo operations-Xinhua

China conducts first outright reverse repo operations

Source: Xinhua

Editor: huaxia

2024-10-31 23:16:15

This photo taken on Oct. 19, 2023 shows the People's Bank of China in Beijing, capital of China. (Xinhua/Peng Ziyang)

BEIJING, Oct. 31 (Xinhua) -- China's central bank announced Thursday that it has conducted "outright reverse repo" operations, the first of its kind since the monetary policy tool was introduced earlier this week.

In a statement, the People's Bank of China said it carried out the operations in the amount of 500 billion yuan (about 70.2 billion U.S. dollars) through a variable-rate tender with a fixed quantity and multi-price auction, with a tenor of six months.

The move was aimed at keeping liquidity in the banking system adequate at a reasonable level, according to the central bank.

On Monday, the central bank unveiled the instrument of outright reverse repo operations on the open market to enrich its monetary policy toolkit. 

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