Bank pumps more money into market

China’s central bank on Wednesday pumped more money into the market to ease liquidity ahead of the Dragon Boat Festival holiday on May 30. The People’s Bank of China conducted 40 billion yuan ($5.8 billion) of seven-day reverse repos, priced to yield 2.45 percent, unchanged from Tuesday’s injection of 80 billion yuan, according to a PBOC statement. The bank also conducted 50 billion yuan of 14-day reverse repos, priced at 2.6 percent. The move followed a net injection of 180 billion yuan into the financial system on Monday and Tuesday. The money market will see 140 billion yuan of reverse repos mature this week.