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China injects 50 bln RMB into market

Xinhua, September 22, 2015 Adjust font size:

China's central bank pumped 50 billion yuan (7.85 billion U.S. dollars) into the money market via reverse repurchase agreement (repo) on Tuesday, the first cash injection this week.

The yield for the seven-day reverse repo stood at 2.35 percent, according to a statement of the People's Bank of China (PBOC).

Under a reverse repo, the central bank purchases securities from large banks and brokerages with the agreement to sell them in the future as an effective means to tackle short-term money shortages in the market.

The cash injection will offset the effects from earlier reverse repo due on Tuesday.

Given a stable renminbi (RMB), the money shortage was greatly eased in September and the PBOC's operations were smaller than those in August. Endi