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China Lifts Short-Term Cash Injection for First Time Since March
China’s central bank increased its injection of short-term cash into the financial system for the first time since March amid increasing demand for liquidity. The People’s Bank of China added 30 billion yuan ($4.6 billion yuan) of liquidity with seven-day reverse repurchase agreements, exceeding the 10 billion yuan falling due Thursday. The injection marks an end to its practice of adding 10 billion yuan each trading day for the past three months. The move came after the overnight interbank rate jumped to the highest since February, as lenders sought more funds to buy local government bonds and hoard cash for ... (full story)