BEIJING, May 7 (Xinhua) -- China's central bank injected funds into the monetary market on Tuesday to maintain ample liquidity in the banking system.

The People's Bank of China conducted 20 billion yuan (about 2.96 billion U.S. dollars) of seven-day reverse repos at an interest rate of 2.55 percent.

No reverse repos will mature on Tuesday.

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.