China’s central bank conducts 150 bln yuan of reverse repos

China’s central bank on Tuesday conducted 150 billion yuan (about 23.57 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system, China’s news agency Xinhua reported on Tuesday.

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 quarter-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.