PBOC injects 13 bln yuan, first time in two weeks

China's central bank injects 13 billion yuan, or some 2 billion U.S. dollars into the economy, via open market operations. The move is the first time in two weeks and seeks to sooth fears of a cash crunch.

Analysts say the amount is small but it's a clear sign the People's Bank of China won't allow a repeat of the money crush back in June. But at the same time, the central bank set the interest rate for its seven-day bond reverse repurchase agreements at 4.1 percent, 20 basis points higher compared with mid-August, which signals a tightening monetary policy.