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China central bank injects $22B into economy

China pumped 140 billion yuan ($21.8 billion) into its economy on Wednesday, in the central bank's latest bid to shore up slowing economic growth and waylay investors' fears of a "hard landing."

The People's Bank of China (PBoC) injected billions of yuan into the interbank money market via a short-term liquidity operation, the bank said on its website.

The loans mature in six days and have an average weighted bid rate of 2.3 percent.

Short-term liquidity operations were introduced in 2013 by China to smooth fluctuations in liquidity and stabilize interbank funding costs.

PBOC BILLS
Nelson Ching | Bloomberg | Getty Images

Wednesday's action came at a time of extreme market volatility in China and increased intervention by the central bank.

On Tuesday, the PBoC announced a 25 basis point cut to its benchmark bank lending rate, to 4.6 percent. It also cut the reserve requirement for major banks by 50 basis points, to 18 percent.

Markets were little affected by Wednesday's action. Chinese stocks closed before it was announced, with the Shanghai Composite index ending down 1.3 percent.