China's central bank, the People's Bank of China, has injected CNY100bn ($14.5bn) into the financial system through a seven-day reverse repo that was priced to yield 2.35%, 14-day contracts yielding 2.5% and 28-day agreements yielding 2.65%. The move is designed to support banks in their efforts to raise funds for lending by providing them with cash at low interest rates.
China's central bank, the People's Bank of China, has injected CNY100bn ($14.5bn) into the financial system through a seven-day reverse repo that was priced to yield 2.35%, 14-day contracts yielding 2.5% and 28-day agreements yielding 2.65%. However, there is still expected to be CNY90bn removed from the market as a result of CNY190bn worth of maturing contracts.