SHANGHAI — China’s central bank stepped up cash injection towards the quarter-end by making the biggest daily offering in seven months on Tuesday.
The People’s Bank of China (PBOC) injected a total of 175 billion yuan ($24.46 billion) via open market operations, including 113 billion yuan through 7-day reverse repos and another 62 billion yuan through the 14-day tenor, it said in a statement.
The PBOC said the higher daily cash injection was to “maintain liquidity level stable at end of the quarter,” according to the statement.
The daily cash injection was the biggest since Feb. 28. ($1 = 7.1545 Chinese yuan) (Reporting by Winni Zhou and Brenda Goh; Editing by Himani Sarkar)