BEIJING - China's central bank on Tuesday conducted 150 billion yuan ($23.57 billion) of reverse repos to maintain liquidity in the banking system.

The interest rate for the 7-day reverse repos was set at 2.1 percent, according to the People's Bank of China.

The move aims to keep quarter-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.