China's central bank has injected new liquidity into the money markets via an open market operation.

 

　　This is the first time the PBOC has done this since February.

 

　　The injection, a 17 billion yuan bond repurchase, marks the first time in 5-months the central bank has eased liquidity, rather than draining it.

 

　　The move has eased fears of another cash crunch ahead of the end of the month, after a severe cash squeeze in June caused market panic.

 

　　For more on this latest move, we are joined on the line by Mike Bastin, Visiting Professor at China's University of International Business and Economics.