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Central bank pumps more money into market

Xinhua, June 24, 2016 Adjust font size:

China's central bank on Friday continued to pump money into the money market to inject more liquidity.

The People's Bank of China (PBOC) put 170 billion yuan (25.85 billion U.S. dollars) into seven-day reverse repos, a process by which central banks purchase securities from banks with an agreement to sell them back in the future.

The reverse repos were priced to yield 2.25 percent, unchanged from the previous operation of 60 billion yuan on Thursday, according to a PBOC statement.

Reverse repos worth 40 billion yuan matured on Thursday, so the central bank has effectively pumped 130 billion yuan into the market.

On Friday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate, known as Shibor, rose 0.3 basis points to 2.035 percent. Endi