BEIJING — China's central bank on March 28 continued to pump cash into the banking system via reverse repos to maintain liquidity.

The People's Bank of China injected 150 billion yuan (about $23.54 billion) into the market through seven-day reverse repos at an interest rate of 2.1 percent, according to a statement on the website of the central bank.

The move aims to keep liquidity stable at the end of the quarter, the central bank said.

As 30 billion yuan of reverse repos matured on March 28, the operation led to a net injection of 120 billion yuan into the market.

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.