Repurchase refers to the trading behavior that the People's Bank of China sells securities to primary dealers and agrees to repurchase securities on a specific date in the future. Repurchase refers to the operation of the central bank to recover liquidity from the market, and it refers to the operation of the central bank to put liquidity into the market when it expires.

Reverse repurchase means that the People's Bank of China buys securities from primary dealers and agrees to sell the securities to primary dealers on a specific date in the future. Reverse repurchase refers to the operation of the central bank to put liquidity into the market, and it refers to the operation of the central bank to recover liquidity from the market when it expires.

Reverse repurchase refers to a transaction in which A buys securities from B and agrees to sell the securities back to B on a specific date in the future.

Repurchase is a transaction in which one party takes a certain amount of bonds as collateral, integrates funds and promises to repurchase mortgage bonds in the future.