PBOC offers biggest cash support in China since 2020

The news: China's central bank is making its biggest liquidity injection into the national economy since 2020 to help grease the wheels of its lumbering economy.

The numbers: The People’s Bank of China added a net 289 billion yuan ($62.9 billion) into financial markets through a one-year policy loan, while removing net 134 billion yuan of short-term liquidity through open market operations, Bloomberg reports. China's financial ministry sold 1.2 trillion yuan in government bonds last month, 60% higher than the average of the previous three Septembers.

The context: China's economy has been sluggish as it battles an underwhelming COVID recovery, weak domestic demand and a liquidity crisis in its massive property sector. Beijing is considering further stimulus to fund major infrastructure projects, boost domestic liquidity and achieve its official growth target, Bloomberg reports.