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PBOC injects $17.3b via reverse repos

The People's Bank of China (PBOC) injected 120 billion yuan ($17.3 billion) into the money market on Tuesday via seven-day reverse repos, as part of the ongoing efforts to maintain liquidity. The central bank's move is aimed at offsetting the impact of factors such as tax payments and government bond issuance on the market and keeping liquidity in the banking system at a reasonable and ample level, according to a statement. A reverse repo is a process by which the central bank bids and buys securities from commercial banks with an agreement to sell them back in the future.

Renminbi weakens against greenback