PBOC injects funds into money market

The People’s Bank of China conducted 30 billion yuan ($4.6 billion) of seven-day reverse repos and another 30 billion yuan of 14-day reverse repos on Thursday. Offset by 30 billion yuan of maturing reverse repos, the operations resulted in a 30-billion-yuan net injection into the money market. The PBOC had suspended open market operations for 12 working days prior to Wednesday, citing sufficient liquidity in the banking system. A reverse repo is a process by which the PBOC buys securities from commercial banks through bidding, with an agreement to sell them back in the future.