The People’s Bank of China injected 70 billion yuan (US$11.56 billion) into the financial market via short-term liquidity operations (SLOs) on Nov. 18, according to the central bank’s website. The November SLOs had a 4.7 percent yield with maturity of three days. The operations started in early 2013 as an extra tool to manage cash supply as policymakers sought to liberalize interest rates. The SLOs comprised mainly repurchase agreements and reverse repurchase contracts with a maturity of less than seven days.
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