China injects $500B yuan into banking system amid coronavirus crisis
China's central bank injected 500B yuan ($71.21B) worth of liquidity into the banking system Tuesday via reverse repurchase agreements after offering a large amount of funds a day early
Hudson Institute director of Chinese strategy Michael Pillsbury says the Chinese don't want to dismantle animal markets in the country because they're a part of the culture.
BEIJING - -China's central bank injected 500 billion yuan ($71.21 billion) worth of liquidity into the banking system Tuesday via reverse repurchase agreements after offering a large amount of funds a day early.
CHINA CORONAVIRUS DEATH TOLL 425 WITH 20,438 TOTAL INFECTED, OFFICIALS SAY
The People's Bank of China said it offered CNY380 billion of funds via seven-day reverse repo and CNY120 billion via 14-day repo. Interest rates of the reverse repos remain unchanged after the PBOC cut the rates by 10 basis points on Monday.
After an extended Lunar New Year holiday, the central bank had injected CNY1.2 trillion worth of liquidity on Monday via reverse repo to encourage more lending to businesses struggling with the outbreak of a deadly coronavirus and the government's measures to prevent the spread of the virus.