Central bank pumps more money into market

BEIJING - China's central bank on Thursday continued to pump money into the money market to inject more liquidity.

The People's Bank of China (PBOC) put 130 billion yuan ($19.58 billion) into seven-day reverse repos, a process by which central banks purchase securities from banks with an agreement to sell them back in the future.

The reverse repos were priced to yield 2.25 percent, unchanged from the previous operation, according to a PBOC statement.

Reverse repos worth 60 billion yuan matured on Thursday, so the central bank has effectively pumped 70 billion yuan into the market.

On Thursday's interbank market, the benchmark overnight Shanghai Interbank Offered Rate, known as Shibor, declined by 0.1 basis point to 2.037 percent.

Seven-day Shibor lost 0.1 basis point to 2.385 percent. Three-month Shibor was up 0.2 basis point to 2.9659 percent.