(Xinhua) The People's Bank of China (the central bank) on Tuesday continued to inject money into the financial system through open market operations.
In a statement posted on its website, the People's Bank said it conducted seven-day reverse buybacks worth 29 billion yuan (about 4.02 billion U.S. dollars) at an interest rate of 2 percent.
The move aims to maintain stable and ample cash liquidity in the banking system, according to the central bank.
Reverse repo operations, known as a "reverse repo", are operations in which the central bank buys securities from commercial banks through bidding, with an agreement to sell them back to them in the future.