China's central bank on Monday pumped 100 billion yuan (15.12 billion U.S. dollars) into the market to provide liquidity.
The People's Bank of China (PBOC) put 270 billion yuan 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 repo was priced to yield 2.25 percent, according to a PBOC statement.
Reverse repos worth 170 billion yuan mature on Monday, so the central bank has effectively injected 100 billion yuan into the market On Monday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate (Shibor) was up by 0.3 basis point to 2.038 percent.
Seven-day Shibor gained 0.4 basis point to 2.375 percent. Three-month Shibor was down 0.08 basis point to 2.9618 percent.
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