BEIJING — China's central bank on Nov 7 conducted a total of 2 billion yuan (about $276.66 million) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China.

The move aims to keep liquidity in the banking system reasonable and ample, 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.