China's central bank injects $88B into market

The People's Bank of China announced that it will inject 600 billion yuan ($88.2 billion) into the market on May 25 through its medium-term lending facility for financial institutions.

The bank stated that the operation aimed to provide sufficient liquidity to the banking system through a fixed-amount, floating-rate and multi-price bidding method.

The market will receive a net injection of 100 billion yuan ($14.7 billion) after institutions repay 500 billion yuan ($73.5 billion) in maturing debt to the central bank this month.

The medium-term lending facility allowed Chinese banks to obtain one-year loans from the PBOC against their securities.