BEIJING — China's central bank on Jan 24 conducted 150 billion yuan ($23.7 billion) of reverse repos to maintain liquidity in the banking system.

The interest rate for the 14-day reverse repos was set at 2.25 percent, according to the People's Bank of China.

The move aims to keep the liquidity stable ahead of the Spring Festival, the central bank said.

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.