PBOC pumps 440b yuan more into money markets

Beijing

CHINA'S central bank is injecting massive amounts of yuan into the banking system to avoid a squeeze on interbank rates ahead of the coming New Year celebrations.

On Tuesday, the People's Bank of China (PBOC) said that it was injecting 440 billion yuan (S$95.6 billion) into the money market. This is the biggest single injection in nearly three years. That comes after an injection of a total of 1.3 trillion yuan this month.