China Increases Liquidity Support to Banks as Major Holiday Nears

By Guo Nan and Wang Yuqian

(Beijing) — China’s central bank has injected a net 160 billion yuan ($23 billion) into the market this week to stave off a temporary seasonal credit crunch ahead of the country’s Lunar New Year holidays.

The People’s Bank of China (PBOC) on Wednesday released a net 40 billion yuan through so-called reverse repurchase agreements, and a combined net 120 billion yuan on Monday and Tuesday through open market operations.

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