BEIJING, July 3 -- China's central bank continued to inject funds into the financial system through open market operations Monday.

The People's Bank of China said it conducted 5 billion yuan (about 693 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent.

The move is aimed at keeping liquidity reasonable and ample 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.