China's central bank to conduct overnight reverse repos to manage short-term liquidity

BEIJING, Aug. 24 (Xinhua) -- The People's Bank of China (PBOC) announced on Monday that it will conduct overnight reverse repo operations from Aug. 27 to Sept. 1 to better meet the short-term liquidity needs of the banking system. The operations will be conducted at a fixed interest rate through quantity-based bidding, with the daily amount capped at 600 billion yuan (about 88.4 billion U.S. dollars), according