China's central bank adds liquidity via reverse repos

BEIJING, Feb. 9 (Xinhua) -- China's central bank conducted 44 billion yuan (about 6.19 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Friday.

It also conducted 92 billion yuan of 14-day reverse repos at an interest rate of 1.95 percent.

The move aims to keep liquidity stable ahead of the Spring Festival, or the Chinese Lunar New Year, the People's Bank of China said in a statement.

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.