14-day reverse-repo borrowing costs were lowered on Monday by China’s central bank as it increased cash injections in an effort to counter higher demand towards the quarter end.

2 billion yuan ($286.54 million) was injected by the People’s Bank of China (PBOC) through 7-day reverse repos, and another 10 billion yuan was injected through the 14-day tenor, according to an official statement.

The PBOC said in increasing the daily cash injection from the 2 billion yuan offerings since July, it was seeking to “maintain liquidity level stable at end of the quarter.”

The PBOC also lowered the interest rate on liquidity tool by 10 basis points to 2.15% from 2.25%, as it restarted its 14-day offerings for the first time since late January.

The reduction was an attempt to build upon the August decision to cut some key interest rates, including the 7-day reverse repo rate, to stir economic growth by reviving credit demand and restart an economy that was sputtering after a period of aggressive Covid lockdowns and other pressures.

The PBOC injected a net 12 billion yuan ($1.7 billion) via the short-term liquidity instruments, as there was no reverse repo maturing on Monday.