China's central bank conducts reverse repos Monday

BEIJING, Sept. 2 (Xinhua) -- China's central bank conducted 3.5 billion yuan (about 492.77 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Monday.

The move aims to keep liquidity reasonable and ample in the banking system at the end of the month, the People's Bank of China said in a statement.

A reverse repo is a process in which the central bank purchases securities fr