PBoC pumps $61bn into China's financial system

The cash injection comes ahead of the Lunar New Year, which usually sees an increase in demand for money

Liquid help: the PBoC aims to gradually push $91 billion into the market

The People's Bank of China (PBoC) injected 400 billion yuan ($61 billion) into the country's financial system on Thursday (January 21), in an attempt to deter a funding freeze that might be brought on by demand for cash over the Lunar New Year holiday.

The added liquidity is part of the central bank's plan to gradually pump more than 600 billion yuan ($91 billion) into the market.

The recent injection came through short-term loans known as reverse-purchasing agreements – the most in three years

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