(Yicai  Global) March 16 -- The Shanghai Interbank Offered Rates fell today after the People's Bank of China freed up liquidity using open market operations and took monetary policy action.

The overnight SHIBOR fell 18.30 basis points to 1.2310 percent, while the one-week rate dipped 5.30 bips to 2.1990 percent and the three-month rate slid 2.70 bips to 2.1750 percent.

PBOC's targeted required reserve ratio cut took effected today, freeing up CNY550 billion USD78.8 billion) in long-term funds for businesses hit by Covid-19. The central bank also injected CNY100 billion into the monetary system via its medium-term lending facility, providing liquidity for commercial banks focused on economic activity in small cities and rural areas.

The central bank also plans to further reduce lending rates, mimicking the central banks of other nations as the novel coronavirus continues to spread worldwide, Sun Guofeng, director of the bank's monetary policy department, said at a press conference yesterday.