(Yicai Global) July 28 -- The People's Bank of China net injected CNY70 billion(USD10 billion) into financial system via open market operations today to maintain adequate liquidity.

The central bank conducted a seven-day reverse repo of CNY80 billion with an interest rate of 2.2 percent, against the maturing of CNY10 billion previous ones, according to its statement.

Reverse repo agreements are primary tools financial institutions and banks use to provide temporary lending facilities to fund ongoing operations, where a buyer undertakes to temporarily buy a basket of securities for a fixed period and to sell them back at a slightly higher price.

Editor: Ben Armour