The People's Bank of China injected Rmb502bn ($74bn) of cash into the banking system on Monday morning through loans to commercial banks, the latest sign that policymakers are moving to ease monetary policy as the economy slows.
The central bank provided the one-year loans through its Medium-term Lending Facility (MLF), which has become an increasingly important tool in recent years for the PBoC to expand China's base money supply.
No previously issued loans were scheduled to mature on Monday, meaning that the latest cash injection is a net expansion of the money supply. Other recent easing moves includes two cuts this year to banks' required reserve ratio.
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