(Yicai Global) Feb. 26 -- The People's Bank of China has injected more money into the banking system today, furthering a net addition yesterday and last week.

The central bank conducted a CNY120 billion (USD17.9 billion) reverse repo with an interest rate of 2.55 percent this morning, the same rate as its CNY40 billion injection yesterday. No agreements are due to expire today.

The move is to ensure banking liquidity remains "reasonable ample," the bank said in a statement, adding that it aims to reduce the impact hordes of companies will have on the financial system as they file their taxes -- which has been delayed due to the Chinese Lunar New Year holidays earlier this month.

The PBOC injected a net CNY60 billion last week after withdrawing more than CNY1 trillion (USD149 billion) from the market the week prior -- the first working week after the week-long Chinese New Year.

Despite the cash injection, most of the Shanghai Interbank Offered Rates moved higher. The overnight SHIBOR was up 10.0 bips at 2.7050 percent, the one-week rate rose 8.7 basis points to 2.7450 percent and the three-month rate gained 0.4 bips to 2.7560 percent.