(Yicai Global) May 7 -- China's monetary market benchmark rate, the Shanghai Interbank Offered Rate, continue to slide today after the central bank injected liquidity for the second day in a row.

The overnight SHIBOR fell 25.1 basis points to 1.3910 percent, while the one-week rate slipped 17.95 bips to 2.3490 percent. The SHIBOR for three-month loans fell 1.2 bips to 2.9220 percent.

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

Editor: James Boynton