Beijing: China's central bank conducted 55 billion yuan (about $7.65 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Tuesday.

According to Qatar News Agency, the move aims to keep liquidity in the banking system at an adequate level, 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.