China's central bank conducts reverse repos Monday

BEIJING, July 29 (Xinhua) -- China's central bank conducted 301.57 billion yuan (about 42.29 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Monday.

The move aims to keep liquidity reasonable and ample in the banking system at the end of this month, the central bank said.

A reverse repo is a process in which the central bank purchases securities from commercial banks th