People's Bank of China has on Thursday conducted 2 billion yuan (280.49 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent. The move is designed to keep liquidity reasonable and ample in the banking system, the Chinese central bank stated. A reverse repo is a process whereby the central bank purchases securities from commercial banks via bidding, with an agreement to sell them back in the future. Attribution: Xinhua