China's central bank conducts reverse repos Monday

BEIJING, Jan. 27 (Xinhua) -- China's central bank conducted 298 billion yuan (about 41.56 billion U.S. dollars) of 14-day reverse repos at an interest rate of 1.65 percent on Monday.

The move aims to keep liquidity in the banking system at an adequate level before the upcoming Spring Festival holiday, the People's Bank of China said in a statement.

A reverse repo is a process in which the central bank pur