BEIJING, March 27 -- China's central bank conducted 250 billion yuan (about 35.24 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.8 percent Wednesday.

The move aims to keep liquidity in the banking system stable at the end of the quarter, 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.