China's Central Bank to Inject 1 Trillion Yuan into Banking System
China's central bank announced a significant injection of 1 trillion yuan into its banking system through outright reverse repos, with a tenor of three months. This move is set to take place on June 6, aiming to stabilize the financial sector. The exchange rate is $1 for 7.1808 yuan.
- Country:
- China
China's central bank made a notable announcement on Thursday, revealing plans to inject 1 trillion yuan ($139.26 billion) into its banking system via outright reverse repos scheduled for June 6.
The People's Bank of China aims to extend liquidity through these financial instruments, which have a three-month tenor, indicating a strategic move to bolster the financial sector.
This injection of funds comes as part of efforts to maintain stability and manage economic pressures, with the exchange rate currently at $1 to 7.1808 yuan renminbi.
(With inputs from agencies.)
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