Banks offered nearly US$16bil to maintain liquidity

Continued recovery: Workers busy at a construction site at the Wangfujing shopping district in Beijing. China’s economy maintained stable recovery last month and is likely to keep the positive momentum in the following months. — AP

BEIJING: China’s central bank injected medium-term cash into the financial system, in a push to keep borrowing costs stable as China’s economy continues its recovery from the virus pandemic.

The People’s Bank of China (PBoC) added 100 billion yuan (US$15.5bil or RM63.5bil) of one-year funds with its medium-term lending facility yesterday, matching the amount coming due in a move that was expected by analysts.