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PBOC conducts repos to meet cash demand

The People's Bank of China has conducted reverse repurchase agreements for the first time this year, helping to meet a seasonal pickup in demand for cash before the Lunar New Year holidays in mid-February. The central bank injected 50 billion yuan ($8.05 billion) using seven-day reverse repos, it said in a statement. It also auctioned a similar amount of six-month treasury deposits to commercial banks. The monetary authority said late Wednesday it had rolled over 269.5 billion yuan of three-month loans extended to banks in October and used the medium-term lending facility to supply a further 50 billion yuan.