BEIJING, Sept. 9 (Xinhua) -- China's central bank pumped 120 billion yuan (about 16.94 billion U.S. dollars) into the financial system Monday, according to the bank's latest statement.
The People's Bank of China injected 120 billion yuan into the market through seven-day reverse repos at an interest rate of 2.55 percent, with 176.5 billion yuan of reverse repos maturing.
The move aimed to offset the impact of reverse repos set to expire in the near future, according to the statement.
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.