BEIJING, Nov. 27 -- China's central bank conducted 501 billion yuan (about 70.4 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Monday.

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.