BEIJING - China's central bank pumped 50 billion yuan ($7.13 billion) into the financial system Monday.

The People's Bank of China injected 50 billion yuan into the market through 14-day reverse repos at an interest rate of 2.65 percent.

With no reverse repos maturing Monday, this led to a net injection of 50 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.

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