Chinese central bank conducts 541-bln-yuan overnight reverse repos

BEIJING, Nov. 2 (Xinhua) -- China's central bank on Monday conducted 541 billion yuan (about 80.6 billion U.S. dollars) of overnight reverse repos at an interest rate of 1.25 percent, according to the People's Bank of China (PBOC).

This was the first operation under a revised mechanism announced by the PBOC late last month, marking a shift from the seven-day reverse repo rate to the overnight reverse repo rate as the central bank's main policy rate.

The operation was conducted at a fixed interest rate through quantity-based bidding, the PBOC noted.