China provides short-term liquidity support for big banks

A clerk of ICBC bank counts Chinese one hundred Yuan at its branch in Beijing, China, April 13, 2016.[Photo/Agencies]

BEIJING - China's central bank has provided provisional liquidity support for several big commercial banks to meet rising cash demand ahead of the upcoming Spring Festival.

The term of the operation is 28 days and interest rates are generally the same as similar open market liquidity facilities, the People's Bank of China said Friday in a statement released on its official Weibo account.

The move aims to ensure stability in the banking system and money market ahead of the Chinese lunar new year, which falls on Jan 28 this year.