China's central bank has provided provisional liquidity¹ support for several big commercial banks to meet rising cash demand ahead of the upcoming Spring Festival.

 

中国人民银行为几大商业银行提供临时流动资金以满足春节期间不断增长的现金需求。

 

The term of the operation is 28 days and interest rates are generally the same as similar open market liquidity facilities, the People's Bank of China said Friday in a statement released on its official Weibo account.

 

The move aims to ensure stability in the banking² system and money market ahead of the Chinese lunar new year, which falls on Jan. 28 this year.

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