BEIJING - China's central bank pumped 200 billion yuan ($29.03 billion) into the financial system via reverse repos on Sunday.

The People's Bank of China (PBOC) injected 200 billion yuan into the market through 14-day reverse repos at an interest rate of 2.65 percent.

The move aimed at maintaining liquidity in the banking system at a reasonably sufficient level before the Spring Festival, according to a statement on the website of the PBOC.

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.

The country will continue to implement a proactive fiscal policy and prudent monetary policy, according to the annual Central Economic Work Conference held in December 2019.

The quality and effect of the fiscal policy must be enhanced with more efforts on structural adjustment, while the monetary policy should be pursued with moderate flexibility to maintain market liquidity at a reasonably ample level, said a statement released after the conference.