China pumps $14bn into banking sector amid fears over Evergrande

China has injected some $14 billion into its banking system as authorities seek to allay fears over property firm Evergrande Group amid talk of collapse.

The People’s Bank of China added 90 billion yuan ($14 billion) of funds through seven-day and 14-day reverse repurchase agreements on Friday (20 September).

This was the first time China had added more than 10 billion yuan short-term liquidity into the banking system on a single day in September.

The investment comes as the financial crisis facing China’s Evergrande Group fuels investor concern over the long-term health of both the real estate and credit markets.