China injects record CNY 560 billion via reverse repo operations

China has stepped up efforts to shore up its sagging economy.

The People's Bank of China injected CNY 560 billion in the system on Wednesday via reverse repo operations - the biggest on record.

The move comes a day after the central bank assured markets of providing "enough support" to the economy. The finance ministry is reportedly planning "large tax cuts" as well, although flood-like stimulus is being ruled out, given the cost of massive stimulus tends to exceed the benefits.