China's central bank conducts reverse repos

China's central bank conducted 405 billion yuan (about 55.7 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent on Tuesday.

The move aims to keep liquidity in the banking system at an adequate level, 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.

China Media Group (CMG) held a symposium in Beijing on Tuesday to mark the 85th anniversary of the founding of the people's radio broadcasting.

Representatives of current and veteran radio hosts, scholars, and audience exchanged views on ways to promote cultural excellence and advance media integration.

The meeting noted that over the past 85 years, the people's radio broadcasting has developed in step with the nation and responded to public expectations.

China has accelerated high-quality development and innovation in radio broadcasting since the 18th National Congress of the Communist Party of China (CPC) in 2012.

In recent years, China has pursued reform and innovation in radio broadcasting within the integrated framework of CMG, which was established in 2018. The sector has achieved a historic leap, featuring enriched content, diversified channels, deepened media convergence, and stronger influence in public opinion.

China commenced the people's radio broadcasting 85 years ago as Yan'an Xinhua Radio Station started broadcasting on Dec 30, 1940. In September 1947, Yan'an Xinhua Radio Station launched its first English program. It moved to Beijing in March 1949 and became a national radio after the founding of the People's Republic of China.