BEIJING — China's central bank pumped 20 billion yuan (about $2.82 billion) into the financial system on March 31.

The People's Bank of China (PBOC) injected 20 billion yuan into the market through seven-day reverse repos at an interest rate of 2.2 percent.

The move aims to keep liquidity in the banking system at a reasonably sufficient level, according to a statement on the website of the central bank.

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.

The PBOC on March 30 injected 50 billion yuan into the market through the seven-day reverse repos while cutting the interest rate by 20 basis points to 2.2 percent to lower lending costs and offset the economic shock of the novel coronavirus outbreak.