China's central bank injects liquidity into market

BEIJING - China's central bank pumped 40 billion yuan ($5.6 billion) into the financial system Friday.

The People's Bank of China injected 40 billion yuan into the market through seven-day reverse repos at an interest rate of 2.55 percent, with no reverse repos maturing, leading to a net injection of 40 billion yuan.

A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China will keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.