The People’s Bank of China (PBOC) has injected 1.7 trillion yuan (approx. USD$242.9 billion) into the Chinese monetary system via open market operations since the start of the week.
On 4 February PBOC released 500 billion yuan into the Chinese market via reverse repo operations, after making an injection of 1.2 trillion yuan the day previously.
The 7-day and 14-day reverse repo rates for PBOC’s record-breaking single day injection of 1.2 trillion yuan on 3 February were 2.4% and 2.55% respectively, both of which represented a decline of 10 basis points.
PBOC said that its open market operations were for the purpose of ensuring ample liquidity levels during efforts to combat the novel coronavirus.