China's central bank injects liquidity into market

BEIJING, Sept. 23 (Xinhua) -- China's central bank Thursday conducted a total of 120 billion yuan (about 18.5 billion U.S. dollars) of reverse repos to maintain liquidity in the banking system.

The amount included 60 billion yuan of seven-day reverse repos at an interest rate of 2.2 percent, and 60 billion yuan of 14-day reverse repos at an interest rate of 2.35 percent, according to the People's Bank of China.

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.