China's central bank injects liquidity into market

BEIJING - China's central bank injected liquidity into the money market through reverse repos Wednesday.

The People's Bank of China (PBOC) conducted 20 billion yuan ($2.96 billion) of seven-day reverse repos at an interest rate of 2.55 percent.

No reverse repos will mature on Wednesday.

The PBOC said the operation was aimed at maintaining reasonable and sufficient liquidity in the banking system.

Reverse repos enable the central bank to purchase securities from commercial banks through bidding with an agreement to sell them back in the future.