BEIJING, May 31 (Xinhua) -- China's central bank continued to inject funds into the financial system through open market operations Wednesday.
The People's Bank of China said that it had conducted 13 billion yuan (about 1.84 billion U.S. dollars) of seven-day reverse repos at an interest rate of 2 percent.
The move is aimed at keeping liquidity stable in the banking system at the end of the month, according to the central bank.
As 2 billion yuan of reverse repos matured on the same day, the operation led to a net injection of 11 billion yuan into the market.
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. ■