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Central bank injects $5.08b into market

The People's Bank of China, the nation's central bank, on Wednesday pumped a total of 35 billion yuan ($5.08 billion) into the financial system through open market operations. The People's Bank of China injected 15 billion yuan into the market through seven-day reverse repos at an interest rate of 2.55 percent, and another 20 billion yuan of 28-day reverse repos at an interest rate of 2.85 percent. A reverse repo is a process by which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

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