(Yicai Global) May 8 -- China's monetary market benchmark rate, the Shanghai Interbank Offered Rate, continue to slide today after the central bank injected liquidity for the third day in a row.

The overnight SHIBOR fell 25 basis points to 1.1410 percent, while the one-week rate slipped 6.3 bips to 2.2860 percent. The SHIBOR for three-month loans fell 1.2 bips to 2.9100 percent.

The People's Bank of China conducted a CNY10 billion (USD1.5 billion) seven-day reverse repo this morning and has injected cash into the banking system every day so far this week, adding a total of CNY50 billion. Prior to this week, it had not conducted any open market operations since April 24.

Editor: James Boynton