China’s central bank injected funds into the financial system through open market operations Tuesday.
The People’s Bank of China said it has conducted 170 billion yuan (about 24.69 billion U.S. dollars) of seven-day reverse repos at an interest rate of 2 percent.
The move aims to keep month-end liquidity in the banking system stable, according to the central bank. 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.