BEIJING -- China's central bank injected funds into the financial system through open market operations Sunday.

The People's Bank of China said it has conducted 89 billion yuan ($12.95 billion) of seven-day reverse repos at an interest rate of 2 percent.

The move is aimed at keeping stable liquidity in the banking system, according to the central bank.

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.