According to a Xinhua report of May 31, 2016, The People's Bank of China (PBOC) injected 55 billion yuan (US$8.3 billion) into the money market on May 31, 2016, to ease a liquidity strain. The People's Bank of China (PBOC) conducted 120 billion yuan of seven-day reverse repurchase agreements (repo), a process in which central banks purchase securities from banks with an agreement to resell them in the future.