(Yicai Global) May 9 -- The shortest-term Shanghai Interbank Offered Rates leaped this morning after the People's Bank of China skipped open market operations following three days of liquidity injections.

The overnight SHIBOR rose 37.2 basis points to 1.5130 percent, while the one-week rate climbed 28.7 bips to 2.5730 percent. The SHIBOR for three-month loans continued to fall, sliding 0.7 bips to 2.9030 percent.

Banking liquidity is at a "relatively high level," the PBOC said in a statement today, explaining today's lack of OMOs. The central bank has injected a total of CNY50 billion (USD7.4 billion) into the financial system so far this week.

Inflation in China continued to grow last month, with the consumer price index rising to its highest level since October. The CPI was up 2.5 percent from a year earlier, the National Bureau of Statistics said today.

Editor: James Boynton