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China central bank makes biggest weekly short-term cash injection since 2019

China central bank makes biggest weekly short-term cash injection since 2019
© Reuters. FILE PHOTO: A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee

 

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SHANGHAI (Reuters) – China’s central bank stepped up liquidity support this week by making the biggest weekly cash injection through a short-term bond instrument since 2019 to help financial institutions smoothly tide over the end of the year.

The People’s Bank of China (PBOC) injected 183 billion yuan ($26.28 billion) through the seven-day reverse repurchase agreements in open market operations on Friday, according to an online statement.

The PBOC attributed the liquidity offerings to “maintaining steady year-end liquidity level”.

With 2 billion yuan worth of such reverse repos maturing on Friday, the PBOC injected a net 181 billion yuan on the day. And it brought the weekly cash offerings via the liquidity tool to a net 975 billion yuan, the most since January 2019.

($1 = 6.9625 Chinese yuan)

Source: Investing.com

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