BEIJING — China’s central bank has injected funds into the market through reverse repurchase agreement (repo) to meet cash demand.

The People’s Bank of China (PBOC), the central bank, pumped 20 billion yuan ($3.28 billion) into the money market on April 7 through a seven-day reverse repo, a process in which the central bank purchases securities from banks with an agreement to resell them at future dates.

The seven-day reverse repo was priced to yield 3.45 percent, according to a statement on the PBOC website.