BEIJING, Feb. 28 (Xinhua) -- China's central bank Monday conducted 300 billion yuan (about 47.45 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system.
The interest rate for the 7-day reverse repos was set at 2.1 percent, according to the People's Bank of China.
The move aims to keep month-end liquidity in the banking system stable, 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. ■
