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Central bank injects more money to market

China's central bank made a net cash injection via open market operations for the third consecutive day on Monday in an effort to ease a cash strain. The People's Bank of China conducted 170 billion yuan ($24.7 billion) of reverse repos, a process by which the central bank purchases securities from banks through bidding with an agreement to sell them back in the future. The injection saw a net 100 billion yuan pumped into the market on Monday, offset by 70 billion yuan in maturing reverse repos. The operations included seven-day reverse repo priced to yield 2.35 percent, 14-day contracts with a yield of 2.5 percent, and 28-day agreements with a yield of 2.65 percent, according to a central bank statement.