China's central bank continues to add liquidity via reverse repos

BEIJING, Feb. 24 (Xinhua) -- China's central bank continued to inject funds into the financial system through open market operations on Friday.

The People's Bank of China said on its website that it has conducted 470 billion yuan (about 68.17 billion U.S. dollars) of seven-day reverse repos at an interest rate of 2 percent.

The move is aimed at keeping liquidity stable at the end of the month, according to the central bank.

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.