What is the difference between the central bank's repurchase and reverse repurchase?

Repurchase is redemption. National debt is the debt certificate of the central bank. At first, the state borrowed money with debt certificates, and later the state needed money to redeem it, so it was called repurchase. 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. Reverse repurchase will be a transaction in which the financier will finance the funds to the financier, collect securities as collateral, recover the principal and interest in the future, and cancel the mortgage of securities. Reverse repurchase is a transaction in which the People's Bank of China buys securities from a primary dealer and agrees to sell the securities back to the primary dealer on a specific date in the future. Reverse repurchase is the operation of the central bank to put liquidity into the market, and it is the operation of the central bank to recover liquidity from the market when it expires. Simply put, it is voluntary lending, and the transaction that obtains bond pledge is called reverse repurchase transaction. At this time, the investor is the lender who accepts the bond pledge and lends money. Repurchase transactions are divided into positive repurchase and reverse repurchase, which are corresponding and depository. Reverse repurchase is the operation of the central bank to put liquidity into the market, and positive repurchase is the operation of the central bank to recover liquidity from the market.