BEIJING, Oct. 24 (Xinhua) -- China's central bank conducted 593 billion yuan (about 82.61 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Tuesday.
The move aims to hedge against the potential squeeze on liquidity in the banking system from the tax busy season, so as to keep liquidity reasonable and ample, the People's Bank of China said in a statement.
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.
A single purchase
