PBOC continues to inject liquidity into market

BEIJING - The People's Bank of China (PBOC), the central bank, on Friday continued to pump cash into the financial system through open market operations.

The PBOC conducted 80 billion yuan ($11.38 billion) of seven-day reverse repos, a liquidity-injecting process in which the central bank purchases securities from commercial banks through bidding with an agreement to sell them back in the future.

The interest rate for the operation remained at 2.55 percent, the PBOC said in a statement.

The move aimed to counteract the impact of peak tax period and maintain liquidity in the market, according to the statement.

No reverse repos matured on Friday.

China vowed to keep its prudent monetary policy "neither too tight nor too loose" and make counter-cyclical adjustments in a timely and moderate manner. The central bank said in its second-quarter monetary policy report that the country will not resort to flood-like stimulus policies.