BEIJING, Feb. 1 (Xinhua) -- China's central bank injected funds into the monetary market on Friday to maintain ample liquidity in the banking system.

The People's Bank of China (Photo: VCG)

The People's Bank of China conducted 80 billion yuan (around $11.94 billion) of 14-day reverse repos at an interest rate of 2.7 percent on Friday, with no reverse repos due on the same day.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

All major interest rates continued to fall on Friday, for the terms ranging from overnight rate to one year under the Shanghai Interbank Offered Rate (Shibor), which measures the cost at which banks lend to one another.

The Shibor overnight rate stood at 2.1 percent, down 13.8 basis points from the previous trading day, whereas the 14-day rate hit 2.843 percent, down 13.6 basis points.