BEIJING, July 5 -- China's central bank continued to inject funds into the financial system through open market operations Wednesday.

The People's Bank of China said it conducted 2 billion yuan (about 277.9 million U.S. dollars) of seven-day reverse repos at an interest rate of 1.9 percent.

The move is aimed at keeping liquidity reasonable and ample in the banking system, 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.