Central bank continues fund injection

BEIJING - China's central bank continued to pump money into the financial system on Friday through open market operations.

The People's Bank of China (PBOC) conducted 300 billion yuan ($46.15 billion) of reverse repurchase agreements (repo), in which central banks purchase securities from banks with agreements to resell them in the future.

The seven-day reverse repo was priced to yield 2.25 percent

The move followed a seven-day reverse repo of 340 billion yuan on Thursday, 40 billion yuan on Wednesday, 130 billion yuan on Tuesday and 70 billion yuan on Monday.

Despite Friday's operations, the overnight Shanghai Interbank Offered Rate (Shibor), which measures the cost at which Chinese banks lend to one another, climbed 4.4 basis points to 2.048 percent.