BEIJING, 25th May, 2023 (WAM) — China’s central bank continued to inject funds into the financial system through open market operations Thursday, reported state news agency (Xinhua).

The People’s Bank of China said it has conducted 7 billion yuan (about US$992.5 million) of seven-day reverse repos at an interest rate of 2 percent.

The move aims to keep stable liquidity in the banking system, the central bank said.

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.