BEIJING - China's central bank injected funds into the monetary market on Tuesday to offset mature reverse repos and maintain ample liquidity in the banking system.

The People's Bank of China conducted 150 billion yuan ($21.75 billion) of seven-day reverse repos at an interest rate of 2.55 percent.

Meanwhile, 80 billion yuan of 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.

China will keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.