BEIJING — China's central bank in September pumped cash into the money market to meet liquidity demand from financial institutions.

A total of 400 billion yuan (about $56.34 billion) was injected into the market via the medium-term lending facility (MLF) last month to maintain liquidity at a reasonably sufficient level in the banking system, according to the People's Bank of China.

The funds will mature in one year at an interest rate of 2.75 percent.

Total outstanding MLF loans hit 4.55 trillion yuan at the end of September.

The MLF tool was introduced in 2014 to help commercial and policy banks maintain liquidity by allowing them to borrow from the central bank using securities as collateral.

Another 969 million yuan was lent to financial institutions through the standing lending facility to meet provisional liquidity demand.