China central bank resumes overnight reverse repos ahead of month-end

China's ​central bank ​resumed injecting funds through ‌its overnight ​reverse repos into the banking system on Thursday, ‌as cash demand picked up ahead of the month-end. The People's Bank of China said ‌it lent 503.5 billion yuan ($74.90 billion) ‌via overnight reverse repos in open market operations, without disclosing the borrowing cost, according to an ⁠online ​statement.

It ⁠also injected 103 billion yuan via the seven-day ⁠tenor at 1.40%, the PBOC said, adding that ​Thursday's operations "fully met demand from primary dealers." The ⁠PBOC said earlier this week that it ⁠would ​conduct overnight reverse repo operations from August 27 to September 1 to inject ⁠up to 600 billion yuan daily through ⁠the ⁠overnight liquidity tool into the banking system. ($1 = 6.7225 Chinese yuan)