BEIJING -- China's central bank on Friday conducted 3 billion yuan (about $447 million) of reverse repos to maintain liquidity in the banking system.

The interest rate for the seven-day reverse repos was set at 2.1 percent, according to the People's Bank of China.

The move aims to keep stable liquidity in the banking system, the central bank said.

A total of 10 billion yuan of reverse repos matured on the same day, resulting a net withdrawal of 7 billion yuan.

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.