China's central bank conducts reverse repos to boost liquidity

China's central bank on Friday conducted 183 billion yuan (about 26.28 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China.

The move is aimed at keeping liquidity stable in the banking system at the end of the year, the central bank said.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.