BEIJING -- China's central bank Monday conducted a total of 70 billion yuan ($9.75 billion) 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 keep month-end liquidity in the banking system stable, 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.