BEIJING - China's central bank on Monday injected funds into the banking system via open market operations to maintain liquidity.

The People's Bank of China (PBOC) conducted 20 billion yuan (about $3.13 billion) of seven-day reverse repos and 10 billion yuan of 28-day reverse repos, according to a PBOC 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.

The interest rate for the seven-day reverse repos stood at 2.55 percent, while the rate for 28-day contracts was 2.85 percent.

The PBOC has recently managed market liquidity through targeted moves rather than across-the-board adjustments of interest rates.

The central bank plans to keep monetary policy prudent and neutral, maintain a stable, reasonable level of liquidity, and oversee moderate growth of financial credit and social financing.