BEIJING, Feb. 2 -- China's central bank conducted 83 billion yuan (about 11.69 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Friday.

It also conducted 14 billion yuan of 14-day reverse repos at an interest rate of 1.95 percent.

The move aims to keep liquidity stable ahead of the Spring Festival that falls on Feb. 10 this year, the People's Bank of China said in a statement.

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.