BEIJING, Sept. 24 (Xinhua) -- Pan Gongsheng, governor of the People's Bank of China, said Tuesday that the central bank will reduce the interest rate of seven-day reverse repurchases from 1.7 percent to 1.5 percent.

The reduction was aimed at guiding the loan prime rate (LPR) and deposit rate to move downwards and maintaining stability in the net interest margin of commercial banks, Pan said at a press conference.