BEIJING - China's central bank on Saturday conducted a total of 17 billion yuan (about US$2.39 billion) of reverse repos to maintain liquidity in the banking system, Chinese news agency, Xinhua, reported.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China.

The move aims to keep stable liquidity in the banking system, the central bank said.

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.