Headquarters of the People's Bank of China (PBOC), the central bank, is pictured in Beijing. (PHOTO / IC)

BEIJING - China's central bank Monday conducted a total of 10 billion yuan (about $1.4 billion) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China.

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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.