(Yicai Global) Feb. 25 -- The People's Bank of China injected CNY40 billion (USD6 billion) into the financial system this morning, following on from a CNY60 billion net injection last week.

The central bank conducted a seven-day reverse repo at 2.55 percent today. No agreements are due to expire.  

Despite the injection, the short-term Shanghai Interbank Offered Rates crept higher. The overnight SHIBOR was up 17.4 bips at 2.6050 percent, the one-week rate was up 5.8 basis points at 2.6580 percent and the three-month rate gained 11 bips to 2.6280 percent.

The central bank pumped CNY60 billion back into the market last week after withdrawing more than CNY1 trillion  in liquidity from the interbank market the week prior -- which was the first working week after the Chinese New Year, one of the country's most important national holidays.