The People's Bank of China, the country's central bank, has launched a pair of new tools to better guide market interest rates and ensure bond market stability, reinforcing its efforts to build a modern monetary policy system, experts said.▲A pedestrian walks past the headquarters of the PBOC in Beijing. JIANG QIMING/CHINA NEWS SERVICE The PBOC said on Monday that, from now on, it would conduct temporary repurchase and reverse repurchase agreements — also known as temporary repos and reverse repos — depending on market conditions.Essentially, a central bank withdraws money from the banking system via repos, whereby it sells securities to commercial banks with a promise to repurchase them later at a higher price. Conversely, it injects liquidity through reverse repos by buying securities from commercial banks, with an agreement to sell them back later at a higher price.The operations, with a term of overnight, will be conducted from 4 pm to 4:20 pm on working days as needed, in
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