The People’s Bank of China (PBOC) continues to guide interest rates lower in the face of a balky bond market that isn’t following the central bank’s cues.

According to a statement on the PBOC’s website, the central bank injected 20 billion yuan ($3.28 billion) into the money market on Tuesday through a seven-day reverse repo. The move involves the PBOC buying securities from banks with an agreement to resell them at a set time in the future..

Bloomberg reports that the cost of one-year swaps, the fixed payment to receive the floating seven-day repurchase rate, declined eight basis points to 3.18% in Shanghai. The contracts fell to 3.15% earlier, the lowest level since Feb. 5.

The benchmark overnight Shanghai Interbank Offered Rate (Shibor), which gauges  the cost at which Chinese banks lend to one other, shrank 12.10 basis points to 2.766% on Tuesday’s interbank market.

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