China's central bank conducts reverse repos Friday

BEIJING -- China's central bank conducted 479 billion yuan (about $66.64 billion) of seven-day reverse repos at an interest rate of 1.5 percent Friday.

The move aims to keep liquidity in the banking system adequate at a reasonable level at the end of the month, 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.