BEIJING — China's central bank injected liquidity into the banking system through open market operations on Dec 8.

The People's Bank of China injected 60 billion yuan (about $9.2 billion) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on its website.

With 20 billion yuan of reverse repos maturing on the same day, this led to a net liquidity injection of 40 billion yuan.

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.

China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.