BEIJING: China’s central bank on Wednesday pumped 200 billion yuan (about 30.77 billion U.S. dollars) into the financial system through open market operations. The operations included 100 billion yuan of seven-day reverse repos, 90 billion yuan of 14-day reverse repos and 10 billion yuan of 63-day reverse repos, the People’s Bank of China said on its website. The interest rates for seven-day and 14-day reverse repos were unchanged at 2.5 percent and 2.65 percent respectively, while the rate for the 63-day operations rose 5 basis points to 2.95 percent compared with previous operations. The central bank carried out the operations to offset the impact of a tax payment peak and maturing reverse repos. Offset by 100 billion yuan of maturing reverse repos, the net injection on Tuesday stood at 100 billion yuan. The central bank has increasingly relied on open market operations for liquidity management, rather than cuts in interest rates or reserve requirement ratios.
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