China Injected $52 Billion and Bitcoin Fell, Three More Days Are Scheduled
China's central bank injected a net 348 billion yuan, about $51.7 billion, into its banking system on Friday. Bitcoin (BTC) fell 1.7% anyway.
It was the first mid-month use of overnight reverse repos by the People's Bank of China (PBOC), according to Bloomberg. Three more injection days are already booked, each capped near $88 billion.
Beijing Already Booked Three More Injection Days
Start with what the tool actually does. An overnight reverse repo is a one-day loan from the central bank to commercial banks. The banks repay it the next morning.
Two days before Friday, the PBOC published its schedule. It would lend on August 14, then again from August 17 through August 19, local media reported.
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