China money rate drops as central bank injects funds through reverse repos

Shanghai

CHINA'S benchmark money-market rate fell on Tuesday as the People's Bank of China (PBOC) added funds to the financial system, ensuring cash supply as demand spikes before the Chinese New Year holidays.

The central bank conducted 60 billion yuan (S$13.1 billion) of reverse repurchase operations for seven and 28 days, keeping rates close to market levels.