(Yicai Global) May 6 -- China's monetary market benchmark rate, the Shanghai Interbank Offered Rate, slid today after the central bank conducted its first liquidity injection since April 24.

The overnight SHIBOR fell 14.8 basis points to 1.6420 percent, while the one-week rate slipped 0.05 bips to 2.5285 percent. The SHIBOR for three-month loans fell 0.1 bips to 2.9340 percent.

The People's Bank of China conducted a seven-day reverse repo worth CNY20 billion (USD3 billion) this morning, with no previous monetary tools set to mature today. The bid rate for the reverse repo was 2.55 percent, unchanged from the last operation.

Editor: James Boynton