(MENAFN) China's central bank, the People's Bank of China, announced that it has injected USD5.7 billion into the money market through open market operations, Xinhua reported.

This investment marked the first cash injection through reverse repurchase agreement (repo) operations in more than two months, with the last conducted on April 16.

The injection came as small and medium-sized banks are seeing increasing demand for short-term capital amid mid-year financial supervision assessment pressure and large-cap stock issuance.

The moderate liquidity injection will help stabilize market expectations and development of the monetary market, the central bank said in a statement via its official account on the Twitter.