BEIJING - China's central bank injected funds into the monetary market on Thursday to maintain ample liquidity in the banking system.

The People's Bank of China conducted 50 billion yuan ($7.46 billion) of 14-day reverse repos at an interest rate of 2.7 percent on Thursday, with no reverse repos due on the same day.

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.

Except a rising overnight rate, all other interest rates for the terms ranging from seven days to one year under the Shanghai Interbank Offered Rate, which measures the cost at which banks lend to one another, declined mildly on Thursday.