BEIJING: China's central bank conducted 277.3 billion yuan (about US$38.94 billion) of seven-day reverse repos at an interest rate of 1.7 percent Wednesday. Xinhua news agency quoted the People's Bank of China as saying that the move aims to keep liquidity reasonable and ample in the banking system at the end of the month. 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. Source: Emirates News Agency