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Central bank injects $23.3b worth of funds

The People's Bank of China, the central bank, on Tuesday continued to pump cash into the financial system through open market operations to maintain liquidity in the market. The central bank conducted 160 billion yuan ($23.3 billion) of seven-day reverse repos, a liquidity-injecting process in which it purchases securities from commercial banks through bidding with an agreement to sell them back in the future. The interest rate for the operation stood at 2.55 percent, the central bank's statement said. It said that Tuesday's operation is aimed at offsetting the impact of factors such as tax payment.