The People's Bank of China injected CNY 220 billion into the money market through reverse repurchase operations on Tuesday, reports said.
The central bank said it added CNY 150 billion using seven-day reverse repos at a yield of 3.4 percent and CNY 70 billion via 14-day reverse repos at 3.6 percent.
This huge injection into the banking system has lowered hopes of another reserve requirement reduction from the central bank. China lowered the reserve requirement ratio by 50 basis point in May after taking a similar move in February.
by RTT Staff Writer
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