(Yicai Global) May 28 -- China's central bank injected more cash into the country's financial system for a third consecutive day today after a 37-day hiatus.

The People's Bank of China conducted CNY240 billion (USD33.6 billion) worth of reverse repurchase agreements at an unchanged rate of 2.20 percent. No such money-market instruments expire today.

The PBOC has been broadening its cash injections in the past three days, as the first one tallied CNY10 billion (USD1.4 billion), the second one CNY120 billion, while the third one doubled that.

The central bank said yesterday that the move was to "balance the effect of government debt issuance" while today it said that it should also "balance the cash demand for enterprise tax payments."

Editor: Emmi Laine