(Yicai Global) June 10 -- China's central bank drained CNY50 billion (about USD7.26 billion) from the financial system Monday, with more reverse repos maturing than conducted.

The People's Bank of China injected CNY30 billion into the market through seven-day reverse repos at an interest rate of 2.55 percent, with CNY80 billion of reverse repos maturing, leading to a net withdrawal of CNY50 billion.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China will keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.