China Injects Cash Into Commercial Banks

Amount not specified

China's central bank has injected fresh liquidity into the country's large commercial banks ahead of the Lunar New Year holiday later this month.

The bank did not say how much cash it injected, but said the move was aimed at ensuring the "stability" of the monetary market ahead of the holidays.

The Lunar New Year is China's most important festival and sees increased demand for cash among consumers.

The move also comes as China's key interbank lending rate rose on Monday.

The seven-day repurchase rate, a key gauge of liquidity among banks, rose to nearly 6.5% on Monday, up from 4% earlier this month.