(Yicai Global) May 28 -- China’s interbank interest rates finally showed signs of slowing growth today, with the overnight rate moving lower after three straight days of the central bank injecting cash into the financial system.

The overnight Shanghai Interbank Offered Rate fell 0.20 basis points to 2.1020 today, though the longer-term rates kept moving up. The one-week rate rose 16.10 bips to 2.1790 percent, while the SHIBOR for three-month loans climbed 1.5 bips to 1.4300 percent.

The rates all began moving up this time last week as the People’s Bank of China continued the hiatus on its usual seven-day reverse repos in open market operations, which it had skipped for 30 working days. The central bank resumed the reverse repos earlier this week, injecting CNY370 billion (USD52 billion) into the market over three days.

The SHIBOR is a simple, no-guarantee, wholesale interest rate calculated by arithmetically averaging all the interbank yuan lending rates offered by the price quotation group of 18 commercial banks with a high credit rating, with the four highest and four lowest quotations excluded.

Editor: James Boynton