emirates7 - China's central bank carried out 160.8 billion yuan (approximately US$22.58 billion) worth of seven-day reverse repos on Thursday at an interest rate of 1.7 percent.

According to Xinhua News Agency, the People's Bank of China stated that this action is intended to maintain sufficient and stable liquidity within the banking system.

A reverse repo is a financial operation where the central bank buys securities from commercial banks through bidding, with an agreement to repurchase them at a later date.