China's central bank injects funds into market

BEIJING - China's central bank injected liquidity into the money market through reverse repos Monday.

The People's Bank of China (PBOC) conducted 80 billion yuan ($11.8 billion) of seven-day reverse repos at an interest rate of 2.55 percent and 20 billion yuan of 28-day reverse repos at 2.85 percent.

Previous reverse repos worth 80 billion yuan matured Monday, meaning that the net market injection came in at 20 billion yuan.

The PBOC said in a statement that Monday's operation was aimed at maintaining reasonable and sufficient liquidity in the banking system.

Reverse repos enable the central bank to purchase securities from commercial banks through bidding with an agreement to sell them back in the future.