China's central bank injects more liquidity through reverse repo operations

BEIJING - (Xinhua) -- China's central bank continued to inject money into the financial system through open market operations on Monday.

The People's Bank of China said on its website that it had conducted a seven-day reverse buyback of 46 billion yuan (about 6.7 billion U.S. dollars) at an interest rate of 2 percent.

The move aims to maintain reasonable and ample 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 the agreement to sell them back to them in the future.