China's central bank conducted 267.3 billion yuan (about US$37.5 billion) of seven-day reverse repos at an interest rate of 1.7 percent Tuesday. Xinhua News Agency quoted a statement from the People's Bank of China as saying that the move aims to keep liquidity reasonable and ample in the banking system. 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