BEIJING, June 7 -- The central bank on Tuesday allowed70 billion yuan (10.67 billion U.S. dollars) to drain from the market.

The People's Bank of China (PBOC) put 50 billion yuan into seven-day reverse repos, a process by which central banks purchase securities from banks with an agreement to sell them back in the future.

The reverse repos were priced to yield 2.25 percent, according to a PBOC statement.

Reverse repos worth 120 billion yuan matured on Tuesday, so the central bank has effectively drained 70 billion yuan from the market.

On Tuesday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor) was up by 0.2 basis point to 2 percent.

The Shibor for seven-day loans also increased 0.3 basis point to2.34 percent. The Shibor for three-month loans stayed flat at 2.946 percent.