BEIJING - (Xinhua) The People's Bank of China (the central bank) on Sunday pumped 2 billion yuan (about 281.7 million U.S. dollars) into the market through reverse repo operations to maintain liquidity in the banking system.

According to the People's Bank of China, the seven-day reverse repo rate is set at two percent.
The central bank said the move aims to maintain stable liquidity in the banking system.

Reverse repurchases, or what is known as a "reverse repo", are financial operations in which the central bank purchases securities from commercial banks through specific offers, with an agreement to resell them to them again in the future.