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SHANGHAI (Reuters) - China's central bank will inject 80 billion yuan ($11.59 billion) into money markets on Tuesday, traders said.
The People's Bank of China is injecting 50 billion yuan through seven-day reverse bond repurchase agreements, 20 billion yuan through 14-day reverse repos, and an additional 10 billion yuan through 28-day reverse repos, they said.
The PBOC drained a net 120 billion yuan from the money market last week.
In early trade on Tuesday, the volume weighted average of the seven-day repo rate CN7DRP=CFXS was at 2.45 percent, down 46.96 basis points from the previous closing average rate.
The central bank raised the rate on open market operation reverse repos for seven-day, 14-day and 28-day tenors last week, bringing them to 2.45 percent, 2.60 percent and 2.75 percent, respectively.
Reporting by the Shanghai Newsroom; Editing by Sam Holmes