China’s central bank injects about $3.45 billion into banking system

China’s central bank on Thursday conducted seven-day reverse repos worth 24.8 billion yuan (about $3.45 billion) at an interest rate of 1.5 percent.

The move is aimed at keeping liquidity in the banking system at a reasonable level, according to the central bank, Xinhua news agency reported.

Reverse repos are operations in which the central bank buys securities from commercial banks through bidding, with an agreement to resell them to them in the future.