China's central bank conducts 3b yuan reverse repos

BEIJING - China's central bank conducted 3 billion yuan ($420.29 million) of seven-day reverse repos at an interest rate of 1.9 percent Monday.

The move is aimed at keeping liquidity reasonable and ample in the banking system, 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.