(Yicai Global) Jan. 12 -- The People's Bank of China drained CNY5 billion (USD772.7 million) in liquidity out of its banking system today via open market operations.

The central bank carried out CNY5 billion in seven-day reverse repos today against a maturing tally of CNY10 billion worth of such short-term lending instruments.

The purpose of today’s operation is to keep the banking system's liquidity "reasonably ample," the bank reiterated in a statement.

The regulator pulled CNY505 billion (USD78.1 billion) out of the financial system last week.

Editor: Emmi Laine