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China's central bank injects record liquidity into the banking system
16 January 2019 02:29 PM
16 January 2019 02:29 PM
Direct : The People 's Bank of China pumped a record liquidity in the banking system worth 560 billion yuan ($ 83 billion), in continuation of its efforts to support the economy.
A statement issued by the central bank of China said Wednesday that the current time is the peak of the tax payment period and that the total liquidity of the banking system is falling rapidly.
"The aim of injecting funds into the banking system today is to ensure sufficient liquidity in the financial system," which is under pressure as tax payments peaked in mid-January and demand for cash is increasing before Lunar New Year holidays start in early February, the statement said.
The People's Bank of China stressed that the liquidity of the banking system as a whole is growing rapidly.
Economic data showed that Chinese bank loans reached 1.08 trillion yuan (160 billion US dollars) in December, up 499.5 billion yuan.
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