BEIJING, Dec. 8 (Xinhua) -- China's central bank Thursday conducted 2 billion yuan (about 287.33 million U.S. dollars) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2 percent, according to the People's Bank of China.

The move aims to maintain reasonable and sufficient 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.