China's central bank injects liquidity into market

BEIJING - China's central bank injected liquidity into the banking system through open market operations on Tuesday.

The People's Bank of China pumped 70 billion yuan ($10.64 billion) into the market through seven-day reverse repos at an interest rate of 2.2 percent, according to a statement on its website.

The move was intended to maintain stable liquidity in the banking system, 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.

China pursues a prudent monetary policy in a more flexible and appropriate way, according to this year's government work report.