BEIJING, Oct. 11 -- China's central bank conducted 102 billion yuan (about 14.21 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Wednesday.

The move aims to keep liquidity stable in the banking system, the People's Bank of China said in a statement.

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.