China's central bank injects liquidity into market

The People's Bank of China. (Photo: Agencies)

BEIJING - China's central bank pumped cash into the financial system through open market operations to maintain liquidity in the market Wednesday.

A total of 400 billion yuan (about $57 billion) was injected into the market via medium-term lending facility (MLF), according to the People's Bank of China, the central bank.

The funds will mature in one year at an interest rate of 2.95 percent.

The central bank skipped reverse repos Wednesday.

The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.