BEIJING, Oct. 19 (Xinhua) -- China's central bank on Monday continued to pump cash into the banking system via reverse repos to maintain liquidity.
The People's Bank of China injected 50 billion yuan (about 7.46 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 its website.
The move was intended to maintain reasonably ample liquidity in the banking system, the central bank said.
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.
Meanwhile, 80 billion yuan of time deposits of commercial banks for central treasury cash management matured on Monday.
China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report. Enditem
