BEIJING -- China's central bank continued to inject funds into the financial system through open market operations on Wednesday.

The People's Bank of China said on its website that it has conducted 133 billion yuan ($19.67 billion) of seven-day reverse repos at an interest rate of 2 percent, and 447 billion yuan of 14-day reverse repos at an interest rate of 2.15 percent.

The moves are aimed at offsetting impacts from factors including the payment on issue of government bonds and cash issuance and keeping liquidity stable before the upcoming Spring Festival holiday, 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.