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Bank suspends cash injections

China's central bank on Wednesday suspended cash injections into the market as interbank liquidity remained stable. The People's Bank of China conducted 210 billion yuan ($30.6 billion) of reverse repos, which offset by the same amount of maturing reverse repos, resulted in no cash being pumped into or drained from the market. The operations included 180 billion yuan of seven-day reverse repos priced to yield at 2.45 percent, and 30 billion yuan of 14-day contracts with a yield of 2.6 percent, according to a PBOC statement. Lending costs in the interbank market remained low. The benchmark overnight Shanghai Interbank Offered Rate, the cost at which Chinese banks lend to one another, rose 3.55 basis points to 2.6365 percent on Wednesday.

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