China cbank injects $16.8 bln via reverse repos, keeps rate unchanged

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SHANGHAI, May 27 (Reuters) – China’s central bank made a fresh cash injection into the interbank money market through reverse repos for a second straight day on Wednesday, while it continued to keep the borrowing cost unchanged.

The People’s Bank of China (PBOC) injected 120 billion yuan ($16.80 billion) via seven-day reverse repos at 2.20%, same as the previous operation, it said in a statement published on its website.

The central bank’s move was to counteract the impact from government bond issuance in order to “keep banking system liquidity reasonably ample”, according to the statement.

With no reverse repos maturing on Wednesday, the PBOC injected the funds into the market on the day. ($1 = 7.1410 Chinese yuan) (Reporting by Winni Zhou and Andrew Galbraith; Editing by Muralikumar Anantharaman)

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