PBOC injects liquidity into market

BEIJING - The People's Bank of China (PBOC), China's central bank, on Thursday pumped 100 billion yuan ($14.51 billion) into the financial system through open market operations.

To maintain stable liquidity in the middle of the year, the central bank conducted the operations with 28-day reverse repos at an interest rate of 2.85 percent.

Net liquidity injection was 90 billion yuan on Thursday, as previous reverse repos worth 10 billion yuan matured.

A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.

China will keep its prudent monetary policy "neither too tight nor too loose" while maintaining market liquidity at a reasonably ample level in 2019.