BEIJING, Oct. 26 -- China's central bank conducted 424 billion yuan (about 59.07 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Thursday.

The move aims to keep liquidity in the banking system stable at the end of the month, 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.