The People's Bank of China (PBOC), the country's central bank, starts a 600-billion-yuan (about 90 billion U.S. dollars) outright reverse repo operation on Monday to maintain ample liquidity in the banking system.
The operation has a fixed quantity and is carried out through interest-rate bidding, with winning bids determined at various price levels. It will have a tenor of six months, or 183 days, according to the central bank.
A total of 600 billion yuan of six-month outright reverse repos will mature in June. This implies that the central bank's new round of operation constitutes a rollover of the same amount, ending three consecutive months of reduced volume operations.
Outright reverse repo operations, a tool the central bank introduced in October 2024 to manage liquidity in the national banking system, are conducted each month with a tenor of no more than one year.
Under this mechanism, the central bank purchases bonds from primary dealers, such as large commercial banks, while agreeing on a future date for the dealers to repurchase the same quantity and type of bonds. This process effectively injects liquidity into the market.
China's central bank injects 600 bln yuan via outright reverse repo to maintain liquidity
Binur Edihan, a village doctor in northwest China's Xinjiang Uygur Autonomous Region, has devoted her entire career to taking care of herdsmen in remote pastoral area. During summer, herdsmen in the region always move their livestock to further grazing grounds in Ili Kazak Autonomous Prefecture's Xinyuan County.
Their seasonal movement presents a challenge for Edihan's work, as she must ride horse and climb over several hills to find them.
But Edihan said the improvement of infrastructure made her work easier.
"In the past, there was no phone signal on mountains. If any herdsman had emergency illness, it could take them at least two or three hours to get help down here. And by the time we reached them, it was sometimes already too late. Now signals cover the mountainous areas. Once they call, we'll prepare the medicine and head to the mountain," said Edihan.
The doctor was able to drive her truck to the foot of the hill, but from there she had to mount a horse to reach herdsmen's homes, rising up the same dirt path she has ridden for 30 years.
After finally arriving at the home, she immediately began examining the patient and prescribed medicine to relieve the pain.
"My mother has rheumatism and high blood pressure. Despite the distance to the summer pasture, Binur never hesitates to come. She always takes her blood pressure and brings medicine. Every time she visits, I feel truly reassured," said Aygul Hasen, a villager.
When word spread that Edihan had arrived, herdsmen from the surrounding areas gathered around her. She often tells them gives them health tips in the hopes they will stay well. After all these years, these herdsmen have become her family.
"I even helped her deliver her baby. Back then, we didn't have nearly as good conditions. Now, she already has a granddaughter. She is sleeping," said Edihan, holding the baby of the herdswoman.
In such a harsh environment, Edihan admitted that she has also had moments of doubt. But seeing these herdsmen, she chose to stand guard over their health and protect their lives in the pastoral area.
"It's not true if I say I never thought about leaving. When I was young, I wanted to go to a big hospital. But if I left, what would happen to the herdsmen here? There are so many elderly people and so many children. If they got sick, who would take care of them? Thinking about that, I decided to stay and keep working here," said Edihan.
Edihan also oversees the health of several hundred households in the village and knows everyone by name. Routine checkups and home visits are her unwavering duty.
She continues to see herdsmen and their families when they are in need, no matter the weather.
Village doctor in Xinjiang guards herdsmen in remote pastoral area for over 3 decades
