Interbank money market turnover on the rise in China

BEIJING - China's interbank money market recorded 101.1 trillion yuan ($14.26 trillion) worth of transactions in May, up 19.48 percent year-on-year, data from the People's Bank of China (PBOC) showed.

The pledged repo turnover rose 24.45 percent to 85.8 trillion yuan and outright repo turnover was 700 billion yuan, down 12.97 percent, the PBOC said in its latest report.

Also in May, the interbank borrowing turnover shrank 1.67 percent year-on-year to 14.7 trillion yuan.

On Friday, the PBOC injected a total of 180 billion yuan into the market through 70 billion yuan of seven-day reverse repos and 110 billion yuan of 14-day contract, in a bid to maintain stable liquidity.

According to this year's government work report, China will strive for a prudent monetary policy through a more flexible and appropriate approach.