A Chinese clerk counts renminbi yuan banknotes in Nantong, East China's Jiangsu province. (Photo: IC)

BEIJING -- China's central bank on Monday conducted 100 billion yuan ($14.96 billion) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People's Bank of China.

The move aims to keep stable liquidity 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.