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Move made to ease liquidity pressure

China's central bank injected 120 billion yuan ($17.65 billion) on Monday into the financial system through open market operations, to ease liquidity pressure. The operations included 50 billion yuan of seven-day reverse repos, 40 billion yuan of 14-day reverse repos and 30 billion yuan of 28-day contracts. These were at respective interest rates of 2.45, 2.6, and 2.75 percent, the People's Bank of China said on its website. The PBOC said the new operations followed a decline in overall liquidity, due to factors including payments for government bonds. Offset by 10 billion yuan of maturing reverse repos, the PBOC injected net liquidity of 110 billion yuan into the market through reverse repos on Monday.