China Central Bank Injects Most Funds Since February as Money Rates Increase

``The People's Bank of China pumped a net 150 billion yuan ($23 billion) into the financial system this week, data compiled by Bloomberg show. That's the most since before the Chinese New Year holiday, when seasonal demand for cash spikes. The authorities are providing another 170 billion yuan through loans and an auction of deposits... Under the new system, PBOC intervention has partly replaced the daily reference rate's role in guiding currency moves. Yuan purchases risk driving borrowing costs higher at a time of slowing economic growth unless the monetary authority releases additional cash.''