China's central bank injects 100b yuan into market

China's central bank pumped 100 billion yuan (US$14.3 billion) into the financial system via reverse repos on Tuesday.

The People's Bank of China injected the fund through seven-day reverse repos at an interest rate of 2.4 percent.

The move aims to offset the impact of reverse repos maturing and to keep liquidity in the banking system at a reasonably sufficient level, according to a statement on the website of the central bank.

Meanwhile, 380 billion yuan of reverse repos matured Tuesday, resulting in a net withdrawal of 280 billion yuan from the market.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.