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China's central bank injects 400B yuan into financial system

The People's Bank of China injected 400 billion yuan into the financial system to maintain sufficient liquidity ahead of the spring festival next week.

The central bank pumped in 300 billion yuan in one-year loans through its medium-term lending facility at a rate of 3.25%. It also injected 100 billion yuan into the system through a 14-day reverse repo operation at a rate of 2.65%.

No loans were due to mature Jan. 15, according to media reports.

As of Jan. 14, US$1 was equivalent to 6.89 Chinese yuan.