(Bloomberg) — China reduced rates as it injected cash into the financial system Monday, with the central bank seeking to ensure ample liquidity as markets plunge. It cut borrowing costs on the funds by 10 basis points.The People’s Bank of China added 900 billion yuan ($129 billion) of funds with seven-day reverse repurchase agreements at 2.4%, according to a statement. It also injected 300 billion yuan with 14-day contracts at 2.55%. While the total is the largest single-day addition of its kind in data going back to 2004, it implies a net injection of just 150 billion yuan as more …read more
Source:: Yahoo Finance
