The Chinese central bank has injected a record amount of money into the financial system this week to alleviate a cash crunch that had driven up borrowing costs.
The People’s Bank of China has poured Rmb365bn ($58bn) into money markets over the past three days through reverse repurchase agreements, the largest weekly amount in history.
The cash was effective immediately, causing the seven-day repurchase rate, a key gauge of interbank liquidity, to fall a full percentage point from the three-month high of 4.75 per cent that it hit earlier in the week.
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