BEIJING - The People's Bank of China, the country's central bank, announced on Wednesday that it will conduct a 900-billion-yuan ($128.35 billion) outright reverse repo operation on Thursday to maintain ample liquidity in the banking system.

The operation will be carried out with a fixed quantity through interest-rate bidding, with winning bids determined at multiple price levels. It will have a tenor of six months, or 181 days, according to the central bank.

Outright reverse repo operations - a tool the central bank introduced in October 2024 to manage liquidity in the national banking system -- are conducted each month with a tenor of no more than one year.

These operations have enriched the country's monetary policy toolkit, complementing previous measures such as temporary repos, temporary reverse repos, and the buying and selling of treasury bonds.