AsianFin -- The People's Bank of China (PBOC), the country's central bank, on Thursday said that it will conduct a 500-billion-yuan (about 70 billion U.S. dollars) outright reverse repo operation on Friday, with the aim of maintaining ample liquidity in China's banking system.

The operation will have a tenor of six months (182 days) and will be conducted using a fixed-quantity, interest-rate-bidding and multiple-price-bidding method, according to the PBOC statement.