China's interest-rate swaps declined to the lowest level in more than two weeks on speculation the availability of cash will improve as the central bank injects money into the financial system, Bloomberg reported Monday.

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The benchmark seven-day repurchase rate, a gauge of liquidity, dropped 539 basis points in the last four weeks, as the People's Bank of China added a net 257 billion yuan ($39 billion) through open-market operations, said the report

The one-year swap contract, the fixed cost needed to receive the floating seven-day repurchase rate, slid one basis point to 3.71 percent as of 11:14 am in Shanghai. It touched 3.69 percent, the lowest level since Feb 9, according to the report.