China's central bank said it will carry out temporary repos or reverse repos based on market conditions starting from Monday.
The move aims to keep liquidity reasonable and ample in the banking system and improve the accuracy and effectiveness of open market operations, the People's Bank of China said in a statement.
These overnight temporary repos and reverse repos will be conducted through bidding, with their interest rates set on the basis of the seven-day reverse repos.
Experts say these operations will further enrich monetary policy toolbox and help the central bank adjust market liquidity in a more timely and accurate manner.
Temporary reverse repos can provide funds to institutions when the market is under liquidity strains, while temporary repos can help drain excess liquidity.
A repo, or repurchase agreement, is a process in which the central bank sells bonds to financial institutions and promises to buy them back in the future.
In the Government Work Report released in March, the country vowed to continue to implement a proactive fiscal policy and a prudent monetary policy this year. It also pledged to maintain adequate liquidity at a proper level and see that aggregate financing and money supply stay in step with the projected economic growth and Consumer Price Index increase.
China's central bank to conduct temporary repos, reverse repos from Monday
As Chinese people enjoy their week-long National Day holiday, many have flocked to the western suburb of Beijing to experience the excitement of the World Table Tennis China Smash 2024, which concluded on Sunday after eleven days of fierce competition among the world's top players.
As the premier event on the World Table Tennis circuit, this year's WTT Smash is taking place from September 26 to October 6 at Beijing's Shougang Park.
At Smash Park on the western outskirt of Beijing, table tennis enthusiasts gathered to watch live matches on a big screen while relaxing on the lawn and enjoying the cool autumn breeze.
Families and friends cheered for their favorite players, calling this one of the best ways to spend the holiday this October.
"I've been a huge fan of table tennis for many years. I watched the matches inside the venue on September 29. It's fantastic to have an event like this in Beijing during the National Day holiday. The atmosphere is amazing," said Ma Qiuyu, a resident.
The Smash Park features four main zones: outdoor competitions, interactive entertainment, brand exhibitions, and dining. DJ performances are staged during breaks between matches, adding to the festive atmosphere.
One of the highlights for many fans is the daily meet-and-greet, where star players interact with the crowd and sign autographs.
Notably, the event is held in the Ice Hockey, Short Track Speed Skating, and Figure Skating venues—facilities used during the 2022 Beijing Winter Olympics.
"I came from Qingdao with my wife and kids specifically to watch the matches. I work in architecture and urban design, so I'm really impressed with how Shougang Park has transformed from a steel factory into Winter Games venues, and now into a space for the WTT Smash," said Liu Yang, a tourist from Shandong Province.
This is the first time in over six decades that Beijing has hosted a top table tennis event under the International Table Tennis Federation. Champions will receive 2,000 world ranking points. Beijing has secured the rights to host the WTT China Smash from 2024 to 2028, all set to take place at Shougang Park, making full use of its Winter Olympics legacy.
Visitors flock to Beijing's suburb to watch World Table Tennis China Smash 2024
