China's central bank conducts reverse repos Friday

BEIJING, Jan. 3 (Xinhua) -- China's central bank conducted 19.3 billion yuan (about 2.7 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.5 percent on Friday.

The move aims to keep liquidity in the banking system at an adequate level, the central bank said.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agre