BEIJING -- The People's Bank of China said Tuesday that it will conduct a 700-billion-yuan ($98.75 billion) outright reverse repo operation on Nov 5 to maintain ample liquidity in the banking system.

The operation will be carried out with a fixed quantity through interest-rate bidding, with winning bids determined at multiple price levels. It will have a tenor of three months, or 91 days, according to the central bank.

Outright reverse repo operations -- a tool the central bank introduced in October 2024 to manage liquidity in the national banking system -- are carried out each month with a tenor of no more than one year.

These operations have enriched the country's monetary policy toolkit, complementing previous measures such as temporary repos, temporary reverse repos, and the buying and selling of treasury bonds.