BEIJING,respin indian institute of science July 26 (Xinhua) -- China's central bank conducted 358.05 billion yuan (about 50.24 billion U.S. dollars) of seven-day reverse repos at an interest rate of 1.7 percent Friday.

The move aims to keep liquidity reasonable and ample in the banking system at the end of this month, 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.